Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 17, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TBK | |
Entity Registrant Name | TRIUMPH BANCORP, INC. | |
Entity Central Index Key | 0001539638 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 26,205,591 | |
Entity Shell Company | false | |
Entity File Number | 001-36722 | |
Entity Tax Identification Number | 200477066 | |
Entity Address, Address Line One | 12700 Park Central Drive, Suite 1700 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75251 | |
City Area Code | 214 | |
Local Phone Number | 365-6900 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 74,675 | $ 96,218 |
Interest bearing deposits with other banks | 134,630 | 138,721 |
Total cash and cash equivalents | 209,305 | 234,939 |
Securities - equity investments | 5,479 | 5,044 |
Securities - available for sale | 329,991 | 336,423 |
Securities - held to maturity, fair value of $7,283 and $7,326, respectively | 8,573 | 8,487 |
Loans held for sale | 2,877 | 2,106 |
Loans, net of allowance for loan and lease losses of $29,416 and $27,571, respectively | 3,806,487 | 3,581,073 |
Federal Home Loan Bank stock, at cost | 18,037 | 15,943 |
Premises and equipment, net | 84,998 | 83,392 |
Other real estate owned, net | 3,351 | 2,060 |
Goodwill | 158,743 | 158,743 |
Intangible assets, net | 35,925 | 40,674 |
Bank-owned life insurance | 40,847 | 40,509 |
Deferred tax assets, net | 7,278 | 8,438 |
Other assets | 71,298 | 41,948 |
Total assets | 4,783,189 | 4,559,779 |
Liabilities | ||
Noninterest bearing | 684,223 | 724,527 |
Interest bearing | 2,974,755 | 2,725,822 |
Total deposits | 3,658,978 | 3,450,349 |
Customer repurchase agreements | 12,788 | 4,485 |
Federal Home Loan Bank advances | 305,000 | 330,000 |
Subordinated notes | 48,983 | 48,929 |
Junior subordinated debentures | 39,320 | 39,083 |
Other liabilities | 74,758 | 50,326 |
Total liabilities | 4,139,827 | 3,923,172 |
Commitments and contingencies - See Note 8 and Note 9 | ||
Stockholders' equity - See Note 12 | ||
Common stock, 26,198,308 and 26,949,936 shares outstanding, respectively | 271 | 271 |
Additional paid-in-capital | 471,145 | 469,341 |
Treasury stock, at cost | (27,468) | (2,288) |
Retained earnings | 198,004 | 170,486 |
Accumulated other comprehensive income (loss) | 1,410 | (1,203) |
Total stockholders’ equity | 643,362 | 636,607 |
Total liabilities and stockholders' equity | $ 4,783,189 | $ 4,559,779 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||||||
Securities - Held to maturity, Fair value | $ 7,283 | $ 7,326 | ||||
Allowance for loan and lease losses | $ 29,416 | $ 27,605 | $ 27,571 | $ 24,547 | $ 20,022 | $ 18,748 |
Common stock, outstanding | 26,198,308 | 26,949,936 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest and dividend income: | ||||
Loans, including fees | $ 47,910 | $ 38,148 | $ 93,004 | $ 75,031 |
Factored receivables, including fees | 25,558 | 20,791 | 50,114 | 36,094 |
Securities | 2,667 | 1,179 | 5,311 | 2,489 |
FHLB stock | 146 | 101 | 338 | 206 |
Cash deposits | 1,022 | 1,030 | 1,800 | 1,547 |
Total interest income | 77,303 | 61,249 | 150,567 | 115,367 |
Interest expense: | ||||
Deposits | 10,010 | 4,631 | 18,228 | 8,908 |
Subordinated notes | 839 | 838 | 1,678 | 1,675 |
Junior subordinated debentures | 744 | 713 | 1,504 | 1,310 |
Other borrowings | 2,291 | 1,810 | 4,427 | 3,087 |
Total interest expense | 13,884 | 7,992 | 25,837 | 14,980 |
Net interest income | 63,419 | 53,257 | 124,730 | 100,387 |
Provision for loan losses | 3,681 | 4,906 | 4,695 | 7,454 |
Net interest income after provision for loan losses | 59,738 | 48,351 | 120,035 | 92,933 |
Noninterest income: | ||||
Net OREO gains (losses) and valuation adjustments | 148 | (528) | 357 | (616) |
Net gains (losses) on sale of securities | 14 | 3 | (272) | |
Insurance commissions | 961 | 819 | 1,880 | 1,533 |
Gain on sale of subsidiary or division | 1,071 | |||
Other | 1,210 | 929 | 2,569 | 1,487 |
Total noninterest income | 7,623 | 4,945 | 15,161 | 10,117 |
Noninterest expense: | ||||
Salaries and employee benefits | 28,120 | 20,527 | 54,559 | 39,931 |
Occupancy, furniture and equipment | 4,502 | 3,014 | 9,024 | 6,068 |
FDIC insurance and other regulatory assessments | 303 | 383 | 602 | 582 |
Professional fees | 1,550 | 2,078 | 3,415 | 3,718 |
Amortization of intangible assets | 2,347 | 1,361 | 4,749 | 2,478 |
Advertising and promotion | 1,796 | 1,300 | 3,400 | 2,329 |
Communications and technology | 4,988 | 3,271 | 9,862 | 6,630 |
Other | 7,098 | 5,469 | 13,659 | 9,709 |
Total noninterest expense | 50,704 | 37,403 | 99,270 | 71,445 |
Net income before income tax expense | 16,657 | 15,893 | 35,926 | 31,605 |
Income tax expense | 3,927 | 3,508 | 8,408 | 7,152 |
Net income | 12,730 | 12,385 | 27,518 | 24,453 |
Dividends on preferred stock | (193) | (383) | ||
Net income available to common stockholders | $ 12,730 | $ 12,192 | $ 27,518 | $ 24,070 |
Earnings per common share | ||||
Basic | $ 0.48 | $ 0.48 | $ 1.04 | $ 1.04 |
Diluted | $ 0.48 | $ 0.47 | $ 1.03 | $ 1.02 |
Service charges on deposits | ||||
Noninterest income: | ||||
Revenue | $ 1,700 | $ 1,210 | $ 3,306 | $ 2,355 |
Card income | ||||
Noninterest income: | ||||
Revenue | 2,071 | 1,394 | 3,915 | 2,638 |
Fee income | ||||
Noninterest income: | ||||
Revenue | $ 1,519 | $ 1,121 | $ 3,131 | $ 1,921 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 12,730 | $ 12,385 | $ 27,518 | $ 24,453 |
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains (losses) arising during the period | 1,511 | (181) | 3,402 | (1,889) |
Reclassification of amount realized through sale of securities | (14) | (3) | 272 | |
Tax effect | (347) | 42 | (786) | 364 |
Total other comprehensive income (loss) | 1,150 | (139) | 2,613 | (1,253) |
Comprehensive income | $ 13,880 | $ 12,246 | $ 30,131 | $ 23,200 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-in-Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2017 | $ 391,698 | $ 9,658 | $ 209 | $ 264,855 | $ (1,784) | $ 119,356 | $ (596) |
Beginning Balance (in shares) at Dec. 31, 2017 | 20,820,445 | 91,951 | |||||
Issuance of restricted stock awards (in shares) | 5,492 | ||||||
Stock based compensation | 486 | 486 | |||||
Forfeiture of restricted stock awards | 69 | $ (69) | |||||
Forfeiture of restricted stock awards (in shares) | (1,574) | 1,574 | |||||
Stock option exercises, net | (4) | (4) | |||||
Stock option exercises, net (in shares) | 146 | ||||||
Dividends on preferred stock | (190) | (190) | |||||
Net income | 12,068 | 12,068 | |||||
Other comprehensive income (loss) | (1,114) | (1,114) | |||||
Ending Balance at Mar. 31, 2018 | 402,944 | 9,658 | $ 209 | 265,406 | $ (1,853) | 131,234 | (1,710) |
Ending Balance (in shares) at Mar. 31, 2018 | 20,824,509 | 93,525 | |||||
Beginning Balance at Dec. 31, 2017 | 391,698 | 9,658 | $ 209 | 264,855 | $ (1,784) | 119,356 | (596) |
Beginning Balance (in shares) at Dec. 31, 2017 | 20,820,445 | 91,951 | |||||
Net income | 24,453 | ||||||
Other comprehensive income (loss) | (1,253) | ||||||
Ending Balance at Jun. 30, 2018 | 607,225 | 9,658 | $ 264 | 457,980 | $ (2,254) | 143,426 | (1,849) |
Ending Balance (in shares) at Jun. 30, 2018 | 26,260,785 | 103,267 | |||||
Beginning Balance at Mar. 31, 2018 | 402,944 | 9,658 | $ 209 | 265,406 | $ (1,853) | 131,234 | (1,710) |
Beginning Balance (in shares) at Mar. 31, 2018 | 20,824,509 | 93,525 | |||||
Issuance of common stock, net of issuance costs | 192,053 | $ 54 | 191,999 | ||||
Issuance of common stock, net of issuance costs (in shares) | 5,405,000 | ||||||
Issuance of restricted stock awards | $ 1 | (1) | |||||
Issuance of restricted stock awards (in shares) | 39,798 | ||||||
Stock based compensation | 567 | 567 | |||||
Forfeiture of restricted stock awards | 9 | $ (9) | |||||
Forfeiture of restricted stock awards (in shares) | (218) | 218 | |||||
Stock option exercises, net (in shares) | 1,220 | ||||||
Purchase of treasury stock | (392) | $ (392) | |||||
Purchase of treasury stock (in shares) | (9,524) | 9,524 | |||||
Dividends on preferred stock | (193) | (193) | |||||
Net income | 12,385 | 12,385 | |||||
Other comprehensive income (loss) | (139) | (139) | |||||
Ending Balance at Jun. 30, 2018 | 607,225 | $ 9,658 | $ 264 | 457,980 | $ (2,254) | 143,426 | (1,849) |
Ending Balance (in shares) at Jun. 30, 2018 | 26,260,785 | 103,267 | |||||
Beginning Balance at Dec. 31, 2018 | 636,607 | $ 271 | 469,341 | $ (2,288) | 170,486 | (1,203) | |
Beginning Balance (in shares) at Dec. 31, 2018 | 26,949,936 | 104,063 | |||||
Issuance of restricted stock awards (in shares) | 8,063 | ||||||
Stock based compensation | 911 | 911 | |||||
Forfeiture of restricted stock awards | 40 | $ (40) | |||||
Forfeiture of restricted stock awards (in shares) | (1,276) | 1,276 | |||||
Purchase of treasury stock | (7,553) | $ (7,553) | |||||
Purchase of treasury stock (in shares) | (247,312) | 247,312 | |||||
Net income | 14,788 | 14,788 | |||||
Other comprehensive income (loss) | 1,463 | 1,463 | |||||
Ending Balance at Mar. 31, 2019 | 646,216 | $ 271 | 470,292 | $ (9,881) | 185,274 | 260 | |
Ending Balance (in shares) at Mar. 31, 2019 | 26,709,411 | 352,651 | |||||
Beginning Balance at Dec. 31, 2018 | 636,607 | $ 271 | 469,341 | $ (2,288) | 170,486 | (1,203) | |
Beginning Balance (in shares) at Dec. 31, 2018 | 26,949,936 | 104,063 | |||||
Net income | 27,518 | ||||||
Other comprehensive income (loss) | 2,613 | ||||||
Ending Balance at Jun. 30, 2019 | 643,362 | $ 271 | 471,145 | $ (27,468) | 198,004 | 1,410 | |
Ending Balance (in shares) at Jun. 30, 2019 | 26,198,308 | 949,625 | |||||
Beginning Balance at Mar. 31, 2019 | 646,216 | $ 271 | 470,292 | $ (9,881) | 185,274 | 260 | |
Beginning Balance (in shares) at Mar. 31, 2019 | 26,709,411 | 352,651 | |||||
Issuance of restricted stock awards (in shares) | 85,503 | ||||||
Stock based compensation | 825 | 825 | |||||
Forfeiture of restricted stock awards | 28 | $ (28) | |||||
Forfeiture of restricted stock awards (in shares) | (920) | 920 | |||||
Stock option exercises, net (in shares) | 368 | ||||||
Purchase of treasury stock | (17,559) | $ (17,559) | |||||
Purchase of treasury stock (in shares) | (596,054) | 596,054 | |||||
Net income | 12,730 | 12,730 | |||||
Other comprehensive income (loss) | 1,150 | 1,150 | |||||
Ending Balance at Jun. 30, 2019 | $ 643,362 | $ 271 | $ 471,145 | $ (27,468) | $ 198,004 | $ 1,410 | |
Ending Balance (in shares) at Jun. 30, 2019 | 26,198,308 | 949,625 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 27,518,000 | $ 24,453,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 4,017,000 | 2,435,000 |
Net accretion on loans | (2,854,000) | (5,614,000) |
Amortization of subordinated notes issuance costs | 54,000 | 50,000 |
Amortization of junior subordinated debentures | 237,000 | 226,000 |
Net amortization on securities | 222,000 | 477,000 |
Amortization of intangible assets | 4,749,000 | 2,478,000 |
Deferred taxes | 372,000 | 518,000 |
Provision for loan losses | 4,695,000 | 7,454,000 |
Stock based compensation | 1,736,000 | 1,053,000 |
Net (gains) losses on sale of debt securities | (3,000) | 272,000 |
Net (gains) losses on equity securities | (435,000) | (25,000) |
Net OREO (gains) losses and valuation adjustments | (357,000) | 616,000 |
Gain on sale of subsidiary or division | (1,071,000) | |
Origination of loans held for sale | (11,703,000) | |
Proceeds from sale of loans originated for sale | 11,131,000 | |
Net gains on sale of loans | (199,000) | |
Net (gain) loss on transfer of loans to loans held for sale | (100,000) | |
Net change in operating leases | 105,000 | |
(Increase) decrease in other assets | (7,398,000) | (4,785,000) |
Increase (decrease) in other liabilities | 2,039,000 | 1,442,000 |
Net cash provided by (used in) operating activities | 33,826,000 | 29,979,000 |
Cash flows from investing activities: | ||
Purchases of securities available for sale | (77,915,000) | |
Proceeds from sales of securities available for sale | 40,617,000 | 34,196,000 |
Proceeds from maturities, calls, and pay downs of securities available for sale | 46,445,000 | 30,373,000 |
Proceeds from maturities, calls, and pay downs of securities held to maturity | 379,000 | 368,000 |
Purchases of loans held for investment | (26,767,000) | |
Proceeds from sale of loans | 6,331,000 | |
Net change in loans | (209,251,000) | (250,851,000) |
Purchases of premises and equipment, net | (5,623,000) | (8,407,000) |
Net proceeds from sale of OREO | 1,598,000 | 7,067,000 |
Proceeds from surrender of BOLI | 4,562,000 | |
(Purchases) redemptions of FHLB stock, net | (2,094,000) | (3,217,000) |
Cash paid for acquisitions, net of cash acquired | (160,183,000) | |
Proceeds from sale of subsidiary or division, net | 73,849,000 | |
Net cash provided by (used in) investing activities | (226,280,000) | (272,243,000) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 208,629,000 | (3,795,000) |
Increase (decrease) in customer repurchase agreements | 8,303,000 | (979,000) |
Increase (decrease) in Federal Home Loan Bank advances | (25,000,000) | 55,000,000 |
Issuance of common stock, net of issuance costs | 192,053,000 | |
Stock option exercises, net | (4,000) | |
Purchase of treasury stock | (25,112,000) | (392,000) |
Dividends on preferred stock | (383,000) | |
Net cash provided by (used in) financing activities | 166,820,000 | 241,500,000 |
Net increase (decrease) in cash and cash equivalents | (25,634,000) | (764,000) |
Cash and cash equivalents at beginning of period | 234,939,000 | 134,129,000 |
Cash and cash equivalents at end of period | 209,305,000 | 133,365,000 |
Supplemental cash flow information: | ||
Interest paid | 23,239,000 | 13,646,000 |
Income taxes paid, net | 12,546,000 | 3,474,000 |
Cash paid for operating lease liabilities (See Note 1) | 2,063,000 | |
Supplemental noncash disclosures: | ||
Loans transferred to OREO | 2,532,000 | 221,000 |
Loans held for investment transferred to loans held for sale | 6,231,000 | |
Premises transferred to OREO | $ 799,000 | |
Lease liabilities arising from obtaining right-of-use assets (See Note 1) | $ 2,149,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Triumph Bancorp, Inc. (collectively with its subsidiaries, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group, Inc. (“TIG”). On March 16, 2018, the Company sold the assets of Triumph Healthcare Finance (“THF”) and exited its healthcare asset-based lending line of business. THF operated within the Company’s TBK Bank subsidiary. See Note 2 – Business Combinations and Divestitures for details of the THF sale and its impact on our consolidated financial statements. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The Company has three reportable segments consisting of Banking, Factoring, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. Premises and Equipment The Company leases certain properties and equipment under operating leases. For leases in effect upon adoption of Accounting Standards Update 2016-02, “Leases (Topic 842)” at January 1, 2019 and for any leases commencing thereafter, the Company recognizes a liability to make lease payments, the “lease liability”, and an asset representing the right to use the underlying asset during the lease term, the “right-of-use asset”. The lease liability is measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rate. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the right-of-use asset. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. The Company’s leases do not contain residual value guarantees or material variable lease payments. The Company does not have any material restrictions or covenants imposed by leases that would impact the Company’s ability to pay dividends or cause the Company to incur additional financial obligations. The Company has made an accounting policy election to not apply the recognition requirements in Topic 842 to short-term leases. The Company has also elected to use the practical expedient to make an accounting policy election for property leases to include both lease and nonlease components as a single component and account for it as a lease. The Company’s leases are not complex; therefore there were no significant assumptions or judgements made in applying the requirements of Topic 842, including the determination of whether the contracts contained a lease, the allocation of consideration in the contracts between lease and nonlease components, and the determination of the discount rates for the leases. Adoption of New Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The new standard was adopted by the Company on January 1, 2019. ASU 2016-02 provides for a modified retrospective transition approach requiring lessees to recognize and measure leases on the balance sheet at the beginning of either the earliest period presented or as of the beginning of the period of adoption. The Company elected to apply ASU 2016-02 as of the beginning of the period of adoption (January 1, 2019) and will not restate comparative periods. Adoption of ASU 2016-02 resulted in the recognition of lease liabilities totaling $21,918,000 and the recognition of right-of-use assets totaling $22,123,000 as of the date of adoption. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. The initial balance sheet gross up upon adoption was primarily related to operating leases of certain real estate properties. The Company has no finance leases or material subleases or leasing arrangements for which it is the lessor of property or equipment. The Company has elected to apply the package of practical expedients allowed by the new standard under which the Company need not reassess whether any expired or existing contracts are leases or contain leases, the Company need not reassess the lease classification for any expired or existing lease, and the Company need not reassess initial direct costs for any existing leases. Adoption of ASU 2016-02 does not materially change the Company’s recognition of lease expense. See Note 5 – Leases for additional disclosures related to leases. Newly Issued, But Not Yet Effective Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 makes significant changes to the accounting for credit losses on financial instruments and disclosures about them. The new current expected credit loss (CECL) impairment model will require an estimate of expected credit losses, measured over the contractual life of an instrument, which considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. The standard provides significant flexibility and requires a high degree of judgment with regards to pooling financial assets with similar risk characteristics, determining the contractual terms of said financial assets and adjusting the relevant historical loss information in order to develop an estimate of expected lifetime losses. In addition, ASU 2016-13 amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 31, 2019, and interim periods within those years for public business entities that are SEC filers. The Company will adopt ASU 2016-13 on January 1, 2020 using the modified retrospective approach. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018, however, the Company does not currently plan to early adopt the ASU. ASU 2016-13 permits the use of estimation techniques that are practical and relevant to the Company’s circumstances, as long as they are applied consistently over time and faithfully estimate expected credit losses in accordance with the standard. The ASU lists several common credit loss methods that are acceptable such as a discounted cash flow (DCF) method, loss-rate method and roll-rate method. The Company’s cross-functional implementation team continues to make progress in accordance with the Company’s implementation plan for adoption. The Company has developed new expected credit loss estimation models. Depending on the nature of each identified pool of financial assets with similar risk characteristics, the Company currently plans on implementing a DCF method or a loss-rate method to estimate expected credit losses. The Company is currently finalizing and documenting new processes and controls, challenging estimated credit loss model assumptions and outputs, refining the qualitative framework as well as drafting policies and disclosures. Additionally, parallel runs will be enhanced throughout 2019 as the processes, controls and policies are finalized. |
Business Combinations and Dives
Business Combinations and Divestitures | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations and Divestitures | NOTE 2 – Business combinations AND DIVESTITURES First Bancorp of Durango, Inc. and Southern Colorado Corp. Effective September 8, 2018 the Company acquired (i) First Bancorp of Durango, Inc. (“FBD”) and its community banking subsidiaries, The First National Bank of Durango and Bank of New Mexico and (ii) Southern Colorado Corp. (“SCC”) and its community banking subsidiary, Citizens Bank of Pagosa Springs, in all-cash transactions. The acquisitions expanded the Company’s market in Colorado and into New Mexico and further diversified the Company’s loan, customer, and deposit base. A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) FBD SCC Total Assets acquired: Cash and cash equivalents $ 151,973 $ 14,299 $ 166,272 Securities 237,183 33,477 270,660 Loans held for sale 1,238 — 1,238 Loans 256,384 31,454 287,838 FHLB stock 786 129 915 Premises and equipment 7,495 840 8,335 Other real estate owned 213 — 213 Intangible assets 11,915 2,154 14,069 Other assets 2,715 403 3,118 669,902 82,756 752,658 Liabilities assumed: Deposits 601,194 73,464 674,658 Federal Home Loan Bank advances 737 — 737 Other liabilities 1,313 64 1,377 603,244 73,528 676,772 Fair value of net assets acquired 66,658 9,228 75,886 Cash consideration transferred 134,667 13,294 147,961 Goodwill $ 68,009 $ 4,066 $ 72,075 The Company has recognized goodwill of $72,075,000, which was calculated as the excess of both the consideration exchanged and the liabilities assumed as compared to the fair value of identifiable net assets acquired and was allocated to the Company’s Banking segment. The goodwill in these acquisitions resulted from expected synergies and expansion in the Colorado market and into the New Mexico market. The goodwill will be deducted for tax purposes. The intangible assets recognized in the transactions will be amortized utilizing an accelerated method over their ten year estimated useful lives. The initial accounting for the acquisitions has not been completed because the fair values of the assets acquired and liabilities assumed have not yet been finalized. In connection with the acquisitions, the Company acquired loans both with and without evidence of credit quality deterioration since origination. The acquired loans were initially recorded at fair value with no carryover of any allowance for loan and lease losses. Acquired loans were segregated between those considered to be purchased credit impaired (“PCI”) loans and those without credit impairment at acquisition. The following table presents details of the estimated fair value of acquired loans at the acquisition date: Loans Excluding PCI Loans PCI Loans Total Loans (Dollars in thousands) FBD SCC Total FBD SCC Total Acquired Commercial real estate $ 140,955 $ 11,894 $ 152,849 $ 832 $ 200 $ 1,032 $ 153,881 Construction, land development, land 13,949 5,229 19,178 3,081 — 3,081 22,259 1-4 family residential properties 59,228 10,180 69,408 75 — 75 69,483 Farmland 5,709 1,207 6,916 — — — 6,916 Commercial 26,125 2,121 28,246 1,020 — 1,020 29,266 Factored receivables — — — — — — — Consumer 5,410 623 6,033 — — — 6,033 Mortgage warehouse — — — — — — — $ 251,376 $ 31,254 $ 282,630 $ 5,008 $ 200 $ 5,208 $ 287,838 Revenue and earnings of FBD and SCC since the acquisition date have not been disclosed as the acquired companies were merged into the Company and separate financial information is not readily available. Expenses related to the acquisitions, including professional fees and other transaction costs, totaling $5,871,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended September 30, 2018. Interstate Capital Corporation On June 2, 2018, the Company acquired substantially all of the operating assets of, and assumed certain liabilities associated with, Interstate Capital Corporation’s (“ICC”) accounts receivable factoring business and other related financial services. ICC operates out of offices located in El Paso, Texas and Santa Teresa, New Mexico and provides invoice factoring to small and medium-sized businesses. A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Assets acquired: Cash and cash equivalents $ 75 Factored receivables 131,017 Premises and equipment 279 Intangible assets 13,920 Other assets 144 145,435 Liabilities assumed: Deposits 7,389 Other liabilities 763 8,152 Fair value of net assets acquired 137,283 Consideration: Cash paid 160,258 Contingent consideration 20,000 Total consideration 180,258 Goodwill $ 42,975 ICC’s net assets acquired were allocated to the Company’s Factoring segment whose factoring operations were significantly expanded as a result of the transaction. The Company has recognized goodwill of $42,975,000, which was calculated as the excess of both the fair value of cash consideration exchanged and the fair value of the contingent liability assumed as compared to the fair value of identifiable net assets acquired and was allocated to the Company’s Factoring segment. The goodwill in this acquisition resulted from expected synergies and expansion in the factoring market. The goodwill will be deducted for tax purposes. The intangible assets recognized include a customer relationship intangible asset with an acquisition date fair value of $13,500,000 which will be amortized utilizing an accelerated method over its eight year estimated useful life and a trade name intangible asset with an acquisition date fair value of $420,000 which will be amortized on a straight-line basis over its three year estimated useful life. Consideration paid included contingent consideration with an acquisition date fair value of $20,000,000. The contingent consideration is based on a proprietary index designed to approximate the rise and fall of transportation invoice prices subsequent to acquisition and is correlated to historical monthly movements in average invoice prices historically experienced by ICC. At the end of a 30 month earnout period, a final average index price will be calculated and the contingent consideration will be settled in cash based on the final average index price. Final contingent consideration payout will range from $0 to $22,000,000 and the fair value of the associated liability will be remeasured each reporting period with changes in fair value recorded in noninterest income in the consolidated statements of income. The fair value of the contingent consideration was $21,302,000 at June 30, 2019. Revenue and earnings of ICC since the acquisition date have not been disclosed as the acquired company was merged into the Company and separate financial information is not readily available. Expenses related to the acquisition, including professional fees and other transaction costs, totaling $1,094,000 were recorded in noninterest expense in the consolidated statements of income during the three months ended June 30, 2018. Triumph Healthcare Finance On January 19, 2018, the Company entered into an agreement to sell the assets (the “Disposal Group”) of Triumph Healthcare Finance (“THF”) and exit its healthcare asset-based lending line of business. At December 31, 2017, the carrying amount of the Disposal Group was transferred to assets held for sale. The sale closed on March 16, 2018. A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows: (Dollars in thousands) Carrying amount of assets in the disposal group: Loans $ 70,147 Premises and equipment, net 19 Goodwill 1,457 Intangible assets, net 958 Other assets 197 Total carrying amount 72,778 Total consideration received 74,017 Gain on sale of division 1,239 Transaction costs 168 Gain on sale of division, net of transaction costs $ 1,071 The Disposal Group was included in the Banking segment, and the loans in the Disposal Group were previously included in the commercial loan portfolio. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 3 - SECURITIES Equity Securities with Readily Determinable Fair Values The Company held equity securities with fair values of $5,479,000 and $5,044,000 at June 30, 2019 and December 31, 2018, respectively. The gross realized and unrealized losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2019 2018 2019 2018 Unrealized gains (losses) on equity securities still held at the reporting date $ 296 $ 100 $ 435 $ 25 Realized gains (losses) on equity securities sold during the period — — — — $ 296 $ 100 $ 435 $ 25 Debt Securities Debt securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of debt securities and their estimated fair values are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair June 30, 2019 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 79,774 $ 92 $ (189 ) $ 79,677 Mortgage-backed securities, residential 39,608 587 (47 ) 40,148 Asset-backed securities 8,960 — (43 ) 8,917 State and municipal 62,086 376 (29 ) 62,433 CLO securities 75,556 203 (10 ) 75,749 Corporate bonds 57,631 812 (1 ) 58,442 SBA pooled securities 4,542 83 — 4,625 Total available for sale securities $ 328,157 $ 2,153 $ (319 ) $ 329,991 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 8,573 $ — $ (1,290 ) $ 7,283 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2018 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 93,500 $ 9 $ (861 ) $ 92,648 U.S. Treasury notes 1,956 — (24 ) 1,932 Mortgage-backed securities, residential 39,971 222 (457 ) 39,736 Asset-backed securities 10,165 11 (31 ) 10,145 State and municipal 118,826 175 (550 ) 118,451 Corporate bonds 68,804 150 (167 ) 68,787 SBA pooled securities 4,766 5 (47 ) 4,724 Total available for sale securities $ 337,988 $ 572 $ (2,137 ) $ 336,423 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 8,487 $ — $ (1,161 ) $ 7,326 The amortized cost and estimated fair value of securities at June 30, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Securities Held to Maturity Securities Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ 96,566 $ 96,543 $ — $ — Due from one year to five years 85,278 86,238 — — Due from five years to ten years 13,725 13,790 6,754 5,631 Due after ten years 79,478 79,730 1,819 1,652 275,047 276,301 8,573 7,283 Mortgage-backed securities, residential 39,608 40,148 — — Asset-backed securities 8,960 8,917 — — SBA pooled securities 4,542 4,625 — — $ 328,157 $ 329,991 $ 8,573 $ 7,283 Proceeds from sales of debt securities and the associated gross gains and losses are as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2019 2018 2019 2018 Proceeds $ 3,150 $ — $ 40,617 $ 34,196 Gross gains 14 — 133 5 Gross losses — — (130 ) (277 ) Debt securities with a carrying amount of approximately $70,423,000 and $80,041,000 at June 30, 2019 and December 31, 2018, respectively, were pledged to secure public deposits, customer repurchase agreements, and for other purposes required or permitted by law. Information pertaining to debt securities with gross unrealized and unrecognized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are summarized as follows: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2019 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ — $ — $ 51,880 $ (189 ) $ 51,880 $ (189 ) Mortgage-backed securities, residential 1,345 (12 ) 6,956 (35 ) 8,301 (47 ) Asset-backed securities 3,943 (12 ) 4,969 (31 ) 8,912 (43 ) State and municipal 4,223 (2 ) 5,315 (27 ) 9,538 (29 ) CLO securities 6,750 (10 ) — — 6,750 (10 ) Corporate bonds — — 149 (1 ) 149 (1 ) SBA pooled securities — — 10 — 10 — $ 16,261 $ (36 ) $ 69,279 $ (283 ) $ 85,540 $ (319 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized June 30, 2019 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ 2,813 $ (317 ) $ 4,470 $ (973 ) $ 7,283 $ (1,290 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2018 Value Losses Value Losses Value Losses U.S. Government agency obligations $ 17,203 $ (83 ) $ 72,471 $ (778 ) $ 89,674 $ (861 ) U.S. Treasury notes — — 1,932 (24 ) 1,932 (24 ) Mortgage-backed securities, residential 9,334 (97 ) 13,910 (360 ) 23,244 (457 ) Asset-backed securities 197 (1 ) 4,970 (30 ) 5,167 (31 ) State and municipal 31,142 (201 ) 22,478 (349 ) 53,620 (550 ) Corporate bonds 41,874 (166 ) 149 (1 ) 42,023 (167 ) SBA pooled securities 2,602 (20 ) 1,451 (27 ) 4,053 (47 ) $ 102,352 $ (568 ) $ 117,361 $ (1,569 ) $ 219,713 $ (2,137 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2018 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ 2,861 $ (242 ) $ 4,465 $ (919 ) $ 7,326 $ (1,161 ) Management evaluates debt securities for other than temporary impairment at least on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At June 30, 2019, the Company had 97 debt securities in an unrealized loss position. Management does not have the intent to sell any of these securities and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe that any of the securities are impaired due to reasons of credit quality. Accordingly, as of June 30, 2019, management believes that the unrealized losses detailed in the previous table are temporary and no other than temporary impairment loss has been recognized in the Company’s consolidated statements of income. |
Loans and Allowance for Loan an
Loans and Allowance for Loan and Lease Losses | 6 Months Ended |
Jun. 30, 2019 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Loans and Allowance for Loan and Lease Losses | NOTE 4 - LOANS AND ALLOWANCE FOR LOAN AND LEASE LOSSES The following table presents the recorded investment and unpaid principal for loans: June 30, 2019 December 31, 2018 Recorded Unpaid Recorded Unpaid (Dollars in thousands) Investment Principal Difference Investment Principal Difference Commercial real estate $ 1,098,279 $ 1,104,946 $ (6,667 ) $ 992,080 $ 999,887 $ (7,807 ) Construction, land development, land 157,861 161,728 (3,867 ) 179,591 183,664 (4,073 ) 1-4 family residential 186,070 187,252 (1,182 ) 190,185 191,852 (1,667 ) Farmland 144,594 146,675 (2,081 ) 170,540 173,583 (3,043 ) Commercial 1,257,330 1,259,499 (2,169 ) 1,114,971 1,118,028 (3,057 ) Factored receivables 583,131 585,080 (1,949 ) 617,791 620,103 (2,312 ) Consumer 26,048 26,141 (93 ) 29,822 29,956 (134 ) Mortgage warehouse 382,590 382,590 — 313,664 313,664 — Total 3,835,903 $ 3,853,911 $ (18,008 ) 3,608,644 $ 3,630,737 $ (22,093 ) Allowance for loan and lease losses (29,416 ) (27,571 ) $ 3,806,487 $ 3,581,073 The difference between the recorded investment and the unpaid principal balance is primarily (1) premiums and discounts associated with acquisition date fair value adjustments on acquired loans (both PCI and non-PCI) totaling $16,004,000 and $19,514,000 at June 30, 2019 and December 31, 2018, respectively, and (2) net deferred origination and factoring fees totaling $2,004,000 and $2,579,000 at June 30, 2019 and December 31, 2018, respectively. At June 30, 2019 and December 31, 2018, the Company had $56,009,000 and $58,566,000, respectively, of customer reserves associated with factored receivables. These amounts represent customer reserves held to settle any payment disputes or collection shortfalls, may be used to pay customers’ obligations to various third parties as directed by the customer, are periodically released to or withdrawn by customers, and are reported as deposits in the consolidated balance sheets. Loans with carrying amounts of $1,041,075,000 and $847,523,000 at June 30, 2019 and December 31, 2018, respectively, were pledged to secure Federal Home Loan Bank borrowing capacity. During the three and six months ended June 30, 2019, loans with a carrying amount of $6,231,000 Allowance for Loan and Lease Losses The activity in the allowance for loan and lease losses (“ALLL”) is as follows: (Dollars in thousands) Beginning Ending Three months ended June 30, 2019 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 5,186 $ 504 $ (13 ) $ — $ 5,677 Construction, land development, land 906 125 — 4 1,035 1-4 family residential 367 43 (7 ) 6 409 Farmland 578 12 — — 590 Commercial 12,212 1,937 (334 ) 84 13,899 Factored receivables 7,495 799 (1,463 ) 30 6,861 Consumer 555 185 (231 ) 54 563 Mortgage warehouse 306 76 — — 382 $ 27,605 $ 3,681 $ (2,048 ) $ 178 $ 29,416 (Dollars in thousands) Beginning Ending Three months ended June 30, 2018 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 3,468 $ 337 $ (2 ) $ — $ 3,803 Construction, land development, land 998 25 — 2 1,025 1-4 family residential 248 4 (14 ) 2 240 Farmland 618 91 (200 ) — 509 Commercial 9,193 964 (1 ) 74 10,230 Factored receivables 4,493 3,317 (116 ) 33 7,727 Consumer 719 110 (234 ) 75 670 Mortgage warehouse 285 58 — — 343 $ 20,022 $ 4,906 $ (567 ) $ 186 $ 24,547 (Dollars in thousands) Beginning Ending Six months ended June 30, 2019 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 4,493 $ 1,196 $ (13 ) $ 1 $ 5,677 Construction, land development, land 1,134 (110 ) (78 ) 89 1,035 1-4 family residential 317 82 (43 ) 53 409 Farmland 535 55 — — 590 Commercial 12,865 2,057 (1,114 ) 91 13,899 Factored receivables 7,299 988 (1,472 ) 46 6,861 Consumer 615 358 (509 ) 99 563 Mortgage warehouse 313 69 — — 382 $ 27,571 $ 4,695 $ (3,229 ) $ 379 $ 29,416 (Dollars in thousands) Beginning Ending Six months ended June 30, 2018 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 3,435 $ 370 $ (2 ) $ — $ 3,803 Construction, land development, land 883 132 — 10 1,025 1-4 family residential 293 (44 ) (14 ) 5 240 Farmland 310 399 (200 ) — 509 Commercial 8,150 2,571 (627 ) 136 10,230 Factored receivables 4,597 3,786 (700 ) 44 7,727 Consumer 783 194 (490 ) 183 670 Mortgage warehouse 297 46 — — 343 $ 18,748 $ 7,454 $ (2,033 ) $ 378 $ 24,547 The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (“PCI”) loans, and their respective ALLL allocations: (Dollars in thousands) Loan Evaluation ALLL Allocations June 30, 2019 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 6,747 $ 1,081,409 $ 10,123 $ 1,098,279 $ 522 $ 5,155 $ — $ 5,677 Construction, land development, land 1,016 150,205 6,640 157,861 21 1,014 — 1,035 1-4 family residential 2,386 183,155 529 186,070 142 267 — 409 Farmland 6,525 137,962 107 144,594 72 518 — 590 Commercial 14,802 1,241,582 946 1,257,330 2,016 11,879 4 13,899 Factored receivables 8,754 574,377 — 583,131 2,336 4,525 — 6,861 Consumer 448 25,600 — 26,048 9 554 — 563 Mortgage warehouse — 382,590 — 382,590 — 382 — 382 $ 40,678 $ 3,776,880 $ 18,345 $ 3,835,903 $ 5,118 $ 24,294 $ 4 $ 29,416 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2018 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 7,097 $ 974,280 $ 10,703 $ 992,080 $ 487 $ 4,006 $ — $ 4,493 Construction, land development, land 91 172,709 6,791 179,591 21 1,113 — 1,134 1-4 family residential 2,333 186,664 1,188 190,185 125 192 — 317 Farmland 7,424 162,735 381 170,540 72 463 — 535 Commercial 17,153 1,096,813 1,005 1,114,971 1,958 10,903 4 12,865 Factored receivables 6,759 611,032 — 617,791 1,968 5,331 — 7,299 Consumer 355 29,467 — 29,822 22 593 — 615 Mortgage warehouse — 313,664 — 313,664 — 313 — 313 $ 41,212 $ 3,547,364 $ 20,068 $ 3,608,644 $ 4,653 $ 22,914 $ 4 $ 27,571 The following is a summary of information pertaining to impaired loans. PCI loans that have not deteriorated subsequent to acquisition are not considered impaired and therefore do not require an allowance and are excluded from these tables. Impaired Loans and Purchased Credit Impaired Loans Impaired Loans With a Valuation Allowance Without a Valuation Allowance (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid June 30, 2019 Investment Principal Allowance Investment Principal Commercial real estate $ 974 $ 997 $ 522 $ 5,773 $ 5,897 Construction, land development, land 91 91 21 925 1,028 1-4 family residential 219 201 142 2,167 2,285 Farmland 914 900 72 5,611 5,846 Commercial 4,502 4,527 2,016 10,300 10,453 Factored receivables 8,754 8,754 2,336 — — Consumer 21 20 9 427 427 Mortgage warehouse — — — — — PCI 71 55 4 — — $ 15,546 $ 15,545 $ 5,122 $ 25,203 $ 25,936 Impaired Loans and Purchased Credit Impaired Loans Impaired Loans With a Valuation Allowance Without a Valuation Allowance (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid December 31, 2018 Investment Principal Allowance Investment Principal Commercial real estate $ 5,610 $ 5,614 $ 487 $ 1,487 $ 1,520 Construction, land development, land 91 91 21 — — 1-4 family residential 225 216 125 2,108 2,255 Farmland 914 900 72 6,510 6,979 Commercial 5,235 5,254 1,958 11,918 12,089 Factored receivables 6,759 6,759 1,968 — — Consumer 63 57 22 292 296 Mortgage warehouse — — — — — PCI 71 55 4 — — $ 18,968 $ 18,946 $ 4,657 $ 22,315 $ 23,139 The following table presents average impaired loans and interest recognized on impaired loans: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 7,165 $ 50 $ 3,378 $ 6 Construction, land development, land 1,018 — 140 — 1-4 family residential 1,907 11 2,251 2 Farmland 6,520 45 3,834 10 Commercial 13,800 69 29,088 174 Factored receivables 8,537 — 4,175 — Consumer 423 2 346 — Mortgage warehouse — — — — PCI 71 — 40 — $ 39,441 $ 177 $ 43,252 $ 192 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 6,922 $ 50 $ 3,443 $ 6 Construction, land development, land 553 — 138 — 1-4 family residential 2,360 12 2,404 4 Farmland 6,974 90 3,657 17 Commercial 15,978 121 28,047 664 Factored receivables 7,756 — 4,666 — Consumer 402 2 323 1 Mortgage warehouse — — — — PCI 71 — 40 — $ 41,016 $ 275 $ 42,718 $ 692 Past Due and Nonaccrual Loans The following is a summary of contractually past due and nonaccrual loans: Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More June 30, 2019 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 2,405 $ — $ 6,749 $ 9,154 Construction, land development, land 229 — 1,016 1,245 1-4 family residential 1,973 18 2,310 4,301 Farmland 1,622 — 3,064 4,686 Commercial 5,638 — 12,261 17,899 Factored receivables 25,983 5,441 — 31,424 Consumer 682 3 448 1,133 Mortgage warehouse — — — — PCI 4 — 3,166 3,170 $ 38,536 $ 5,462 $ 29,014 $ 73,012 Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2018 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 2,625 $ 397 $ 7,096 $ 10,118 Construction, land development, land 1,003 — 91 1,094 1-4 family residential 2,103 — 1,588 3,691 Farmland 308 — 4,059 4,367 Commercial 3,728 999 14,071 18,798 Factored receivables 41,135 2,152 — 43,287 Consumer 1,005 11 355 1,371 Mortgage warehouse — — — — PCI 788 — 3,525 4,313 $ 52,695 $ 3,559 $ 30,785 $ 87,039 The following table presents information regarding nonperforming loans: (Dollars in thousands) June 30, 2019 December 31, 2018 Nonaccrual loans (1) $ 29,014 $ 30,785 Factored receivables greater than 90 days past due 5,441 2,152 Troubled debt restructurings accruing interest 2,355 3,117 $ 36,810 $ 36,054 (1) Credit Quality Information The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including: current collateral and financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk on a regular basis. Large groups of smaller balance homogeneous loans, such as consumer loans, are analyzed primarily based on payment status. The Company uses the following definitions for risk ratings: Pass – Pass rated loans have low to average risk and are not otherwise classified. Classified – Classified loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Certain classified loans have the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. PCI – At acquisition, PCI loans had the characteristics of classified loans and it was probable, at acquisition, that all contractually required principal and interest payments would not be collected. The Company evaluates these loans on a projected cash flow basis with this evaluation performed quarterly. As of June 30, 2019 and December 31, 2018, based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) June 30, 2019 Pass Classified PCI Total Commercial real estate $ 1,082,031 $ 6,125 $ 10,123 $ 1,098,279 Construction, land development, land 150,205 1,016 6,640 157,861 1-4 family residential 183,141 2,400 529 186,070 Farmland 136,525 7,962 107 144,594 Commercial 1,239,385 16,999 946 1,257,330 Factored receivables 574,926 8,205 — 583,131 Consumer 25,595 453 — 26,048 Mortgage warehouse 382,590 — — 382,590 $ 3,774,398 $ 43,160 $ 18,345 $ 3,835,903 (Dollars in thousands) December 31, 2018 Pass Classified PCI Total Commercial real estate $ 977,548 $ 3,829 $ 10,703 $ 992,080 Construction, land development, land 172,709 91 6,791 179,591 1-4 family residential 187,251 1,746 1,188 190,185 Farmland 161,565 8,594 381 170,540 Commercial 1,093,759 20,207 1,005 1,114,971 Factored receivables 612,577 5,214 — 617,791 Consumer 29,461 361 — 29,822 Mortgage warehouse 313,664 — — 313,664 $ 3,548,534 $ 40,042 $ 20,068 $ 3,608,644 Troubled Debt Restructurings The Company had a recorded investment in troubled debt restructurings of $7,634,000 and $6,847,000 as of June 30, 2019 and December 31, 2018, respectively. The Company had allocated specific allowances for these loans of $649,000 and $286,000 at June 30, 2019 and December 31, 2018, respectively, and had not committed to lend additional amounts. The following table presents the pre- and post-modification recorded investment of loans modified as troubled debt restructurings during the three and six months ended June 30, 2019 and 2018. The Company did not grant principal reductions on any restructured loans. Extended Amortization Payment AB Note Interest Rate Total Number of (Dollars in thousands) Period Deferrals Restructure Reduction Modifications Loans Six months ended June 30, 2019 Commercial real estate $ — $ — $ 4,597 $ — $ 4,597 1 Commercial 1,096 84 — 593 1,773 5 $ 1,096 $ 84 $ 4,597 $ 593 $ 6,370 6 Three months ended June 30, 2019 Commercial real estate $ — $ — $ 4,597 $ — $ 4,597 1 Commercial 1,096 — — 593 1,689 3 $ 1,096 $ — $ 4,597 $ 593 $ 6,286 4 Six months ended June 30, 2018 1-4 family residential $ 110 $ — $ — $ — $ 110 3 Commercial 75 — — — 75 2 $ 185 $ — $ — $ — $ 185 5 There were no loans modified as troubled debt restructurings during the three months ended June 30, 2018. During the six months ended June 30, 2019, the Company had one relationship consisting of seven loans modified as troubled debt restructurings with a recorded investment of $688,000 for which there were payment defaults within twelve months following the modification. During the six months ended June 30, 2018, the Company had one loan modified as a troubled debt restructuring with a recorded investment of $156,000 for which there was a payment default within twelve months following the modification. Default is determined at 90 or more days past due. Residential Real Estate Loans In Process of Foreclosure At June 30, 2019, the Company had $184,000 in 1-4 family residential real estate loans for which formal foreclosure proceedings were in process. Purchased Credit Impaired Loans The Company has loans that were acquired, for which there was, at acquisition, evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that all contractually required payments would not be collected. The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans at June 30, 2019 and December 31, 2018, are as follows: June 30, December 31, 2019 2018 Contractually required principal and interest: Real estate loans $ 21,524 $ 22,644 Commercial loans 3,152 4,078 Outstanding contractually required principal and interest $ 24,676 $ 26,722 Gross carrying amount included in loans receivable $ 18,345 $ 20,068 The changes in accretable yield during the three and six months ended June 30, 2019 and 2018 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Accretable yield, beginning balance $ 5,283 $ 2,442 $ 5,711 $ 2,793 Additions — — — — Accretion (358 ) (354 ) (768 ) (738 ) Reclassification from nonaccretable to accretable yield 14 17 14 50 Disposals (146 ) — (164 ) — Accretable yield, ending balance $ 4,793 $ 2,105 $ 4,793 $ 2,105 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | NOTE 5 – LEASES The Company leases certain premises and equipment under operating leases. At June 30, 2019, the Company had lease liabilities totaling $22,393,000 and right-of-use assets totaling $22,493,000 related to these leases. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. For the six months ended June 30, 2019, the weighted average remaining lease term for operating leases was 6.9 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.4%. Lease costs were as follows: Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2019 June 30, 2019 Operating lease cost $ 1,115 $ 2,168 Short-term lease cost — — Variable lease cost 82 196 Total lease cost $ 1,197 $ 2,364 Rent expense for the three and six months ended June 30, 2018, prior to the adoption of ASU 2016-02, was $700,000 and $1,299,000, respectively. There were no sale and leaseback transactions, leveraged leases, or lease transactions with related parties during the six months ended June 30, 2019. At June 30, 2019, the Company did not have any leases that had not yet commenced, but will create significant rights and obligations for the Company. A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows: (Dollars in thousands) June 30, 2019 Lease payments due: Within one year $ 4,008 After one but within two years 4,108 After two but within three years 3,773 After three but within four years 3,325 After four but within five years 2,999 After five years 7,048 Total undiscounted cash flows 25,261 Discount on cash flows (2,868 ) Total lease liability $ 22,393 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 6 - GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets consist of the following: (Dollars in thousands) June 30, 2019 December 31, 2018 Goodwill $ 158,743 $ 158,743 June 30, 2019 December 31, 2018 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (Dollars in thousands) Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 43,578 $ (19,368 ) $ 24,210 $ 43,578 $ (16,266 ) $ 27,312 Other intangible assets 15,700 (3,985 ) 11,715 15,700 (2,338 ) 13,362 $ 59,278 $ (23,353 ) $ 35,925 $ 59,278 $ (18,604 ) $ 40,674 The changes in goodwill and intangible assets during the three and six months ended June 30, 2019 and 2018 are as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2019 2018 2019 2018 Beginning balance $ 197,015 $ 63,923 $ 199,417 $ 63,778 Acquired goodwill — 42,975 — 42,975 Goodwill measurement period adjustment — (1,680 ) — — Acquired intangibles — 13,920 — 13,935 Divestiture — — — (433 ) Amortization of intangibles (2,347 ) (1,361 ) (4,749 ) (2,478 ) Ending balance $ 194,668 $ 117,777 $ 194,668 $ 117,777 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE 7 – Variable Interest Entities Collateralized Loan Obligation Funds – Closed The Company holds investments in the subordinated notes of the following closed Collateralized Loan Obligation (“CLO”) funds: Offering Offering (Dollars in thousands) Date Amount Trinitas CLO IV, LTD (Trinitas IV) June 2, 2016 $ 406,650 Trinitas CLO V, LTD (Trinitas V) September 22, 2016 $ 409,000 Trinitas CLO VI, LTD (Trinitas VI) June 20, 2017 $ 717,100 The carrying amounts of the Company’s investments in the subordinated notes of the CLO funds, which represent the Company’s maximum exposure to loss as a result of its involvement with the CLO funds, totaled $8,573,000 and $8,487,000 at June 30, 2019 and December 31, 2018, respectively, and are classified as held to maturity securities within the Company’s consolidated balance sheets. The Company performed a consolidation analysis to confirm whether the Company was required to consolidate the assets, liabilities, equity or operations of the closed CLO funds in its financial statements. The Company concluded that the closed CLO funds were variable interest entities and that the Company holds variable interests in the entities in the form of its investments in the subordinated notes of entities. However, the Company also concluded that the Company does not have the power to direct the activities that most significantly impact the entities’ economic performance. As a result, the Company was not the primary beneficiary and therefore was not required to consolidate the assets, liabilities, equity, or operations of the closed CLO funds in the Company’s financial statements. |
Legal Contingencies
Legal Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal Contingencies | NOTE 8 - Legal Contingencies Various legal claims have arisen from time to time in the normal course of business which, in the opinion of management, will have no material effect on the Company’s consolidated financial statements. |
Off-Balance Sheet Loan Commitme
Off-Balance Sheet Loan Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Loan Commitments | NOTE 9 - OFF-BALANCE SHEET LOAN COMMITMENTS From time to time, the Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. The contractual amounts of financial instruments with off-balance sheet risk were as follows: June 30, 2019 December 31, 2018 (Dollars in thousands) Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Unused lines of credit $ 58,057 $ 424,739 $ 482,796 $ 69,053 $ 433,667 $ 502,720 Standby letters of credit $ 5,012 $ 4,815 $ 9,827 $ 2,285 $ 3,931 $ 6,216 Commitments to purchase loans $ — $ 29,000 $ 29,000 $ — $ — $ — Mortgage warehouse commitments $ — $ 262,226 $ 262,226 $ — $ 266,458 $ 266,458 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being fully drawn upon, the total commitment amounts disclosed above do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if considered necessary by the Company, upon extension of credit, is based on management’s credit evaluation of the customer. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. In the event of nonperformance by the customer, the Company has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The credit risk to the Company in issuing letters of credit is essentially the same as that involved in extending loan facilities to its customers. Commitments to purchase loans represent loans purchased by the Company that have not yet settled. Mortgage warehouse commitments are unconditionally cancellable and represent the unused capacity on mortgage warehouse facilities the Company has approved. The Company reserves the right to refuse to buy any mortgage loans offered for sale by a customer, for any reason, at the Company’s sole and absolute discretion. The Company records an allowance for loan and lease losses on off-balance sheet lending-related commitments through a charge to other noninterest expense on the Company’s consolidated statements of income. At June 30, 2019 and December 31, 2018, the allowance for loan and lease losses on off-balance sheet lending-related commitments totaled $504,000 and $538,000, respectively, and was included in other liabilities on the Company’s consolidated balance sheets. In addition to the commitments above, the Company had overdraft protection available in the amounts of $2,734,000 and $3,087,000 at June 30, 2019 and December 31, 2018, respectively. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | NOTE 10 - Fair Value Disclosures Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborate d by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 15 of the Company’s 2018 Form 10-K. Assets and liabilities measured at fair value on a recurring basis are summarized in the table below. (Dollars in thousands) Fair Value Measurements Using Total June 30, 2019 Level 1 Level 2 Level 3 Fair Value Assets measured at fair value on a recurring basis Securities available for sale U.S. Government agency obligations $ — $ 79,677 $ — $ 79,677 Mortgage-backed securities, residential — 40,148 — 40,148 Asset-backed securities — 8,917 — 8,917 State and municipal — 62,433 — 62,433 CLO securities — 75,749 — 75,749 Corporate bonds — 58,442 — 58,442 SBA pooled securities — 4,625 — 4,625 $ — $ 329,991 $ — $ 329,991 Equity securities Mutual fund $ 5,479 $ — $ — $ 5,479 Loans held for sale $ — $ 2,877 $ — $ 2,877 Liabilities measured at fair value on a recurring basis ICC Contingent consideration $ — $ — $ 21,302 $ 21,302 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2018 Level 1 Level 2 Level 3 Fair Value Assets measured at fair value on a recurring basis Securities available for sale U.S. Government agency obligations $ — $ 92,648 $ — $ 92,648 U.S. Treasury notes — 1,932 — 1,932 Mortgage-backed securities, residential — 39,736 — 39,736 Asset backed securities — 10,145 — 10,145 State and municipal — 118,451 — 118,451 Corporate bonds — 68,787 — 68,787 SBA pooled securities — 4,724 — 4,724 $ — $ 336,423 $ — $ 336,423 Equity securities Mutual fund $ 5,044 $ — $ — $ 5,044 Loans held for sale $ — $ 2,106 $ — $ 2,106 Liabilities measured at fair value on a recurring basis ICC Contingent consideration $ — $ — $ 20,745 $ 20,745 There were no transfers between levels during 2019 or 2018. On June 2, 2018, the Company acquired substantially all of the operating assets of, and assumed certain liabilities associated with, Interstate Capital Corporation’s (“ICC”) accounts receivable factoring business and other related financial services. Consideration for the acquisition included contingent consideration, which is Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2019 2018 2019 2018 Beginning balance $ 21,006 $ — $ 20,745 $ — Contingent consideration recognized in business combination — 20,000 — 20,000 Change in fair value of contingent consideration recognized in earnings 296 — 557 — Consideration settlement payments — — — — Ending balance $ 21,302 $ 20,000 $ 21,302 $ 20,000 Assets measured at fair value on a non-recurring basis are summarized in the table below. There were no liabilities measured at fair value on a non-recurring basis at June 30, 2019 and December 31, 2018. (Dollars in thousands) Fair Value Measurements Using Total June 30, 2019 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 452 $ 452 Construction, land development, land — — 70 70 1-4 family residential — — 77 77 Farmland — — 842 842 Commercial — — 2,486 2,486 Factored receivables — — 6,418 6,418 Consumer — — 12 12 PCI — — 67 67 Other real estate owned (1) Commercial real estate — — 230 230 1-4 family residential properties — — 240 240 $ — $ — $ 10,894 $ 10,894 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2018 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 5,123 $ 5,123 Construction, land development, land — — 70 70 1-4 family residential — — 100 100 Farmland — — 842 842 Commercial — — 3,277 3,277 Factored receivables — — 4,791 4,791 Consumer — — 41 41 PCI — — 67 67 Other real estate owned (1) Commercial real estate — — 1,095 1,095 $ — $ — $ 15,406 $ 15,406 (1) Represents the fair value of OREO that was adjusted during the year to date period and subsequent to its initial classification as OREO. Impaired Loans with Specific Allocation of ALLL OREO The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis at June 30, 2019 and December 31, 2018 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total June 30, 2019 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 209,305 $ 209,305 $ — $ — $ 209,305 Securities - held to maturity 8,573 — — 7,283 7,283 Loans not previously presented, gross 3,820,357 — — 3,810,015 3,810,015 FHLB stock 18,037 N/A N/A N/A N/A Accrued interest receivable 19,963 19,963 — — 19,963 Financial liabilities: Deposits 3,658,978 — 3,662,047 — 3,662,047 Customer repurchase agreements 12,788 — 12,788 — 12,788 Federal Home Loan Bank advances 305,000 — 305,000 — 305,000 Subordinated notes 48,983 — 52,500 — 52,500 Junior subordinated debentures 39,320 — 40,549 — 40,549 Accrued interest payable 9,030 9,030 — — 9,030 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2018 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 234,939 $ 234,939 $ — $ — $ 234,939 Securities - held to maturity 8,487 — — 7,326 7,326 Loans not previously presented, gross 3,589,676 — — 3,505,724 3,505,724 FHLB stock 15,943 N/A N/A N/A N/A Accrued interest receivable 19,094 19,094 — — 19,094 Financial liabilities: Deposits 3,450,349 — 3,440,570 — 3,440,570 Customer repurchase agreements 4,485 — 4,485 — 4,485 Federal Home Loan Bank advances 330,000 — 330,000 — 330,000 Subordinated notes 48,929 — 50,500 — 50,500 Junior subordinated debentures 39,083 — 40,808 — 40,808 Accrued interest payable 6,722 6,722 — — 6,722 |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | NOTE 11 - Regulatory Matters The Company (on a consolidated basis) and TBK Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s or TBK Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and TBK Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and TBK Bank to maintain minimum amounts and ratios (set forth in the table below) of total, common equity Tier 1, and Tier 1 capital to risk weighted assets, and of Tier 1 capital to average assets. Management believes, as of June 30, 2019 and December 31, 2018, the Company and TBK Bank meet all capital adequacy requirements to which they are subject. As of June 30, 2019 and December 31, 2018, TBK Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” TBK Bank must maintain minimum total risk based, common equity Tier 1 risk based, Tier 1 risk based, and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since June 30, 2019 that management believes have changed TBK Bank’s category. The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table. To Be Well Capitalized Under Minimum for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Provisions As of June 30, 2019 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 566,636 12.9% $ 351,402 8.0% N/A N/A TBK Bank, SSB $ 526,237 12.3% $ 342,268 8.0% $ 427,835 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 487,733 11.1% $ 263,639 6.0% N/A N/A TBK Bank, SSB $ 496,323 11.6% $ 256,719 6.0% $ 342,292 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 448,413 10.2% $ 197,829 4.5% N/A N/A TBK Bank, SSB $ 496,323 11.6% $ 192,539 4.5% $ 278,112 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 487,733 10.8% $ 180,642 4.0% N/A N/A TBK Bank, SSB $ 496,323 11.1% $ 178,855 4.0% $ 223,569 5.0% As of December 31, 2018 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 552,398 13.4% $ 330,970 8.0% N/A N/A TBK Bank, SSB $ 496,526 12.4% $ 320,856 8.0% $ 401,071 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 475,359 11.5% $ 248,227 6.0% N/A N/A TBK Bank, SSB $ 468,500 11.7% $ 240,642 6.0% $ 320,856 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 436,276 10.5% $ 186,170 4.5% N/A N/A TBK Bank, SSB $ 468,500 11.7% $ 180,482 4.5% $ 260,696 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 475,359 11.1% $ 171,619 4.0% N/A N/A TBK Bank, SSB $ 468,500 11.0% $ 170,092 4.0% $ 212,615 5.0% Dividends paid by TBK Bank are limited to, without prior regulatory approval, current year earnings and earnings less dividends paid during the preceding two years. Beginning in January 2016, the implementation of the capital conservation buffer set forth by the Basel III regulatory capital framework was effective for the Company starting at 0.625% of risk weighted assets above the minimum risk based capital ratio requirements and increasing 0.625% each year thereafter, until it reached 2.5% on January 1, 2019. The capital conservation buffer was 2.5% and 1.875% at June 30, 2019 and December 31, 2018, respectively. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company’s ability to make capital distributions, including dividend payments and stock repurchases, and to pay discretionary bonuses to executive officers. At June 30, 2019 and December 31, 2018, the Company’s and TBK Bank’s risk based capital exceeded the required capital conservation buffer. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 12 – STOCKHOLDERS’ EQUITY The following summarizes the capital structure of Triumph Bancorp, Inc. Common Stock June 30, 2019 December 31, 2018 Shares authorized 50,000,000 50,000,000 Shares issued 27,147,933 27,053,999 Treasury shares (949,625 ) (104,063 ) Shares outstanding 26,198,308 26,949,936 Par value per share $ 0.01 $ 0.01 Common Stock Offering On April 12, 2018, the Company completed an underwritten public offering of 5,405,000 shares of the Company’s common stock, including 705,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares, at $37.50 per share for total gross proceeds of $202,688,000. Net proceeds from the offering, after deducting the underwriting discount and offering expenses, were approximately $192,053,000. Stock Repurchase Program On October 29, 2018, the Company announced that its board of directors had authorized the Company to repurchase up to $25,000,000 of the Company’s outstanding common stock in open market transactions or through privately negotiated transactions. During the three and six months ended June 30, 2019, the Company repurchased into treasury stock 590,829 shares at an average price of $29.42 for a total of $17,384,000 and 838,141 shares at an average price of $29.74 for a total of $24,930,000, respectively, which completed its previously announced $25,000,000 repurchase program. No repurchases were made under this program during the six months ended June 30, 2018. On July 17, 2019, the Company’s board of directors authorized the Company to repurchase up to an additional $25,000,000 of the Company’s outstanding common stock. The Company may repurchase these shares from time to time in open market transactions or through privately negotiated transactions at the Company’s discretion. The amount, timing and nature of any share repurchases will be based on a variety of factors, including the trading price of the Company’s common stock, applicable securities laws restrictions, regulatory limitations and market and economic factors. This repurchase program is authorized for a period of up to one year and does not require the Company to repurchase any specific number of shares. The repurchase program may be modified, suspended or discontinued at any time, at the Company’s discretion. Preferred Stock The Company has 50,000 shares of Preferred Stock Series A and 115,000 shares of Preferred Stock Series B authorized to be issued. On October 26, 2018, the 45,500 Preferred Stock Series A shares outstanding with a liquidation value of $4,550,000 were converted to 315,773 shares of common stock at the option of the holders at their preferred to common stock conversion ratio of 6.94008, and the 51,076 Preferred Stock Series B shares outstanding with a liquidation value of $5,108,000 were converted to 354,463 shares of common stock at the option of the holders at their preferred to common stock conversion ratio of 6.94008. There were no preferred shares issued or outstanding at December 31, 2018 or June 30, 2019. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | NOTE 13 – STOCK BASED COMPENSATION Stock based compensation expense that has been charged against income was $825,000 and $1,736,000 for the three and six months ended June 30, 2019, respectively, and $567,000 and $1,053,000 for the three and six months ended June 30, 2018, respectively. 2014 Omnibus Incentive Plan The Company’s 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”) provides for the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units, and other awards that may be settled in, or based upon the value of, the Company’s common stock. The maximum number of shares of common stock available for issuance under the Omnibus Incentive Plan is 2,000,000 shares. Restricted Stock Awards A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the six months ended June 30, 2019 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2019 101,213 $ 31.47 Granted 93,566 30.98 Vested (36,612 ) 27.68 Forfeited (2,196 ) 31.52 Nonvested at June 30, 2019 155,971 $ 32.07 RSAs granted to employees under the Omnibus Incentive Plan typically vest over three to four years. Compensation expense for the RSAs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of June 30, 2019, there was $3,561,000 of unrecognized compensation cost related to the nonvested RSAs. The cost is expected to be recognized over a remaining period of 3.39 years. Restricted Stock Units A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the six months ended June 30, 2019 were as follows: Weighted-Average Grant-Date Nonvested RSUs Shares Fair Value Nonvested at January 1, 2019 59,658 $ 38.75 Granted — — Vested — — Forfeited (1,258 ) 38.75 Nonvested at June 30, 2019 58,400 $ 38.75 RSUs granted to employees under the Omnibus Incentive Plan vest after five years. Compensation expense for the RSUs will be recognized over the vesting period of the awards based on the fair value of the stock at the issue date. As of June 30, 2019, there was $1,735,000 of unrecognized compensation cost related to the nonvested RSUs. The cost is expected to be recognized over a remaining period of 3.84 years. Performance Stock Units A summary of changes in the Company’s nonvested Performance Stock Units (“PSUs”) under the Omnibus Incentive Plan for the six months ended June 30, 2019 were as follows: Weighted-Average Grant-Date Nonvested PSUs Shares Fair Value Nonvested at January 1, 2019 59,658 $ 38.57 Granted 12,479 33.91 Vested — — Forfeited (1,258 ) 38.57 Nonvested at June 30, 2019 70,879 $ 37.75 PSUs granted to employees under the Omnibus Incentive Plan vest after three to five years. The number of shares issued upon vesting will range from 0% to 175% of the PSUs granted based on the Company’s relative total shareholder return (“TSR”) as compared to the TSR of a specified group of peer banks. Compensation expense for the PSUs will be recognized over the vesting period of the awards based on the fair value of the award at the grant date. The fair value of PSUs granted is estimated using a Monte Carlo simulation. Expected volatilities were determined based on the historical volatilities of the Company and the specified peer group. The risk-free interest rate for the performance period was derived from the Treasury constant maturities yield curve on the valuation date. Six Months Ended June 30, 2019 2018 Grant date May 1, 2019 May 1, 2018 Performance period 3.00 Years 5.00 Years Stock price $ 30.82 $ 38.85 Triumph stock price volatility 28.29 % 29.13 % Risk-free rate 2.25 % 2.76 % As of June 30, 2019, there was $2,127,000 of unrecognized compensation cost related to the nonvested PSUs. The cost is expected to be recognized over a remaining period of 3.65 years. Stock Options A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the six months ended June 30, 2019 were as follows: Weighted-Average Remaining Aggregate Weighted-Average Contractual Term Intrinsic Value Stock Options Shares Exercise Price (In Years) (In Thousands) Outstanding at January 1, 2019 231,467 $ 23.43 Granted 19,285 31.00 Exercised (1,031 ) 19.64 Forfeited or expired (3,103 ) 28.76 Outstanding at June 30, 2019 246,618 $ 23.97 7.65 $ 1,782 Fully vested shares and shares expected to vest at June 30, 2019 246,618 $ 23.97 7.65 $ 1,782 Shares exercisable at June 30, 2019 131,358 $ 20.15 7.17 $ 1,291 Information related to the stock options for the six months ended June 30, 2019 and 2018 was as follows: Six Months Ended June 30, (Dollars in thousands, except per share amounts) 2019 2018 Aggregate intrinsic value of options exercised $ 11 $ 59 Cash received from option exercises — — Tax benefit realized from option exercises 2 12 Weighted average fair value per share of options granted $ 10.03 $ 13.22 Stock options awarded to employees under the Omnibus Incentive Plan are generally granted with an exercise price equal to the market price of the Company’s common stock at the date of grant, vest over four years, and have ten year contractual terms. The fair value of stock options granted is estimated at the date of grant using the Black-Scholes option-pricing model. Expected volatilities were determined based on a blend of the Company’s historical volatility and historical volatilities of a peer group of companies with a similar size, industry, stage of life cycle, and capital structure. The expected term of the options granted was determined based on the SEC simplified method, which calculates the expected term as the mid-point between the weighted average time to vesting and the contractual term. The risk-free interest rate for the expected term of the options was derived from the Treasury constant maturity yield curve on the valuation date. The fair value of the stock options granted was determined using the following weighted-average assumptions: Six Months Ended June 30, 2019 2018 Risk-free interest rate 2.33 % 2.85 % Expected term 6.25 years 6.25 years Expected stock price volatility 27.46 % 28.07 % Dividend yield — — As of June 30, 2019, there was $584,000 of unrecognized compensation cost related to nonvested stock options granted under the Omnibus Incentive Plan. The cost is expected to be recognized over a remaining period of 2.87 years. Employee Stock Purchase Plan On April 1, 2019, the Company’s Board of Directors adopted the Triumph Bancorp, Inc. 2019 Employee Stock Purchase Plan (“ESPP”) and reserved 2,500,000 shares of common stock for issuance. The ESPP was approved by the Company’s stockholders on May 16, 2019. The ESPP enables eligible employees to purchase the Company’s common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six month offering period. The first offering period has not yet commenced. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 14 – EARNINGS PER SHARE The factors used in the earnings per share computation follow: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2019 2018 2019 2018 Basic Net income to common stockholders $ 12,730 $ 12,192 $ 27,518 $ 24,070 Weighted average common shares outstanding 26,396,351 25,519,108 26,537,255 23,133,489 Basic earnings per common share $ 0.48 $ 0.48 $ 1.04 $ 1.04 Diluted Net income to common stockholders $ 12,730 $ 12,192 $ 27,518 $ 24,070 Dilutive effect of preferred stock — 193 — 383 Net income to common stockholders - diluted $ 12,730 $ 12,385 $ 27,518 $ 24,453 Weighted average common shares outstanding 26,396,351 25,519,108 26,537,255 23,133,489 Dilutive effects of: Assumed conversion of Preferred A — 315,773 — 315,773 Assumed conversion of Preferred B — 354,471 — 354,471 Assumed exercises of stock warrants — — — — Assumed exercises of stock options 59,962 86,821 61,819 85,123 Restricted stock awards 30,110 37,417 39,352 60,425 Restricted stock units — 2,288 — 862 Performance stock units — — — — Average shares and dilutive potential common shares 26,486,423 26,315,878 26,638,426 23,950,143 Diluted earnings per common share $ 0.48 $ 0.47 $ 1.03 $ 1.02 Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Shares assumed to be converted from Preferred Stock Series A — — — — Shares assumed to be converted from Preferred Stock Series B — — — — Stock options 70,037 51,952 70,037 51,952 Restricted stock awards — — — — Restricted stock units 58,400 — 58,400 — Performance stock units 70,879 59,658 70,879 59,658 |
Business Segment Information
Business Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segment Information | NOTE 15 – BUSINESS SEGMENT INFORMATION The following table presents the Company’s operating segments. The accounting policies of the segments are the same as those described in the “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2018 Form 10-K. Transactions between segments consist primarily of borrowed funds. Beginning in 2019, intersegment interest expense is allocated to the Factoring segment based on Federal Home Loan Bank advance rates. Prior to 2019, intersegment interest was calculated based on the Company’s prime rate. The provision for loan loss is allocated based on the segment’s allowance for loan loss determination. Noninterest income and expense directly attributable to a segment are assigned to it. Taxes are paid on a consolidated basis but not allocated for segment purposes. The Factoring segment includes only factoring originated by TBC. General factoring services not originated through TBC are included in the Banking segment. (Dollars in thousands) Three Months Ended June 30, 2019 Banking Factoring Corporate Consolidated Total interest income $ 52,258 $ 24,762 $ 283 $ 77,303 Intersegment interest allocations 2,512 (2,512 ) — — Total interest expense 12,301 — 1,583 13,884 Net interest income (expense) 42,469 22,250 (1,300 ) 63,419 Provision for loan losses 2,874 807 — 3,681 Net interest income after provision 39,595 21,443 (1,300 ) 59,738 Noninterest income 6,453 1,205 (35 ) 7,623 Noninterest expense 36,651 13,253 800 50,704 Operating income (loss) $ 9,397 $ 9,395 $ (2,135 ) $ 16,657 (Dollars in thousands) Three Months Ended June 30, 2018 Banking Factoring Corporate Consolidated Total interest income $ 40,376 $ 20,314 $ 559 $ 61,249 Intersegment interest allocations 4,155 (4,155 ) — — Total interest expense 6,440 — 1,552 7,992 Net interest income (expense) 38,091 16,159 (993 ) 53,257 Provision for loan losses 1,592 3,313 1 4,906 Net interest income after provision 36,499 12,846 (994 ) 48,351 Noninterest income 4,033 920 (8 ) 4,945 Noninterest expense 26,401 10,311 691 37,403 Operating income (loss) $ 14,131 $ 3,455 $ (1,693 ) $ 15,893 (Dollars in thousands) Six Months Ended June 30, 2019 Banking Factoring Corporate Consolidated Total interest income $ 101,379 $ 48,566 $ 622 $ 150,567 Intersegment interest allocations 5,150 (5,150 ) — — Total interest expense 22,655 — 3,182 25,837 Net interest income (expense) 83,874 43,416 (2,560 ) 124,730 Provision for loan losses 3,828 944 (77 ) 4,695 Net interest income after provision 80,046 42,472 (2,483 ) 120,035 Noninterest income 12,751 2,281 129 15,161 Noninterest expense 71,038 26,546 1,686 99,270 Operating income (loss) $ 21,759 $ 18,207 $ (4,040 ) $ 35,926 (Dollars in thousands) Six Months Ended June 30, 2018 Banking Factoring Corporate Consolidated Total interest income $ 79,280 $ 35,094 $ 993 $ 115,367 Intersegment interest allocations 7,088 (7,088 ) — — Total interest expense 11,994 — 2,986 14,980 Net interest income (expense) 74,374 28,006 (1,993 ) 100,387 Provision for loan losses 3,736 3,706 12 7,454 Net interest income after provision 70,638 24,300 (2,005 ) 92,933 Gain on sale of subsidiary or division 1,071 — — 1,071 Other noninterest income 7,620 1,510 (84 ) 9,046 Noninterest expense 52,939 17,165 1,341 71,445 Operating income (loss) $ 26,390 $ 8,645 $ (3,430 ) $ 31,605 (Dollars in thousands) June 30, 2019 Banking Factoring Corporate Eliminations Consolidated Total assets $ 4,702,249 $ 636,901 $ 739,219 $ (1,295,180 ) $ 4,783,189 Gross loans $ 3,742,999 $ 544,601 $ 1,553 $ (453,250 ) $ 3,835,903 (Dollars in thousands) December 31, 2018 Banking Factoring Corporate Eliminations Consolidated Total assets $ 4,458,399 $ 688,245 $ 737,530 $ (1,324,395 ) $ 4,559,779 Gross loans $ 3,523,850 $ 588,750 $ 10,795 $ (514,751 ) $ 3,608,644 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Triumph Bancorp, Inc. (collectively with its subsidiaries, “Triumph”, or the “Company” as applicable) is a financial holding company headquartered in Dallas, Texas. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Triumph CRA Holdings, LLC (“TCRA”), TBK Bank, SSB (“TBK Bank”), TBK Bank’s wholly owned subsidiary Advance Business Capital LLC, which currently operates under the d/b/a of Triumph Business Capital (“TBC”), and TBK Bank’s wholly owned subsidiary Triumph Insurance Group, Inc. (“TIG”). On March 16, 2018, the Company sold the assets of Triumph Healthcare Finance (“THF”) and exited its healthcare asset-based lending line of business. THF operated within the Company’s TBK Bank subsidiary. See Note 2 – Business Combinations and Divestitures for details of the THF sale and its impact on our consolidated financial statements. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission (“SEC”). Accordingly, the condensed financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary for a fair presentation. Transactions between the subsidiaries have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The Company has three reportable segments consisting of Banking, Factoring, and Corporate. The Company’s Chief Executive Officer uses segment results to make operating and strategic decisions. |
Premises and Equipment | Premises and Equipment The Company leases certain properties and equipment under operating leases. For leases in effect upon adoption of Accounting Standards Update 2016-02, “Leases (Topic 842)” at January 1, 2019 and for any leases commencing thereafter, the Company recognizes a liability to make lease payments, the “lease liability”, and an asset representing the right to use the underlying asset during the lease term, the “right-of-use asset”. The lease liability is measured at the present value of the remaining lease payments, discounted at the Company’s incremental borrowing rate. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, variable lease payments not included in the lease liability, and any impairment of the right-of-use asset. Certain of the Company’s leases contain options to renew the lease; however, these renewal options are not included in the calculation of the lease liabilities as they are not reasonably certain to be exercised. The Company’s leases do not contain residual value guarantees or material variable lease payments. The Company does not have any material restrictions or covenants imposed by leases that would impact the Company’s ability to pay dividends or cause the Company to incur additional financial obligations. The Company has made an accounting policy election to not apply the recognition requirements in Topic 842 to short-term leases. The Company has also elected to use the practical expedient to make an accounting policy election for property leases to include both lease and nonlease components as a single component and account for it as a lease. The Company’s leases are not complex; therefore there were no significant assumptions or judgements made in applying the requirements of Topic 842, including the determination of whether the contracts contained a lease, the allocation of consideration in the contracts between lease and nonlease components, and the determination of the discount rates for the leases. |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The FASB issued this ASU to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet by lessees for those leases classified as operating leases under current U.S. GAAP and disclosing key information about leasing arrangements. The new standard was adopted by the Company on January 1, 2019. ASU 2016-02 provides for a modified retrospective transition approach requiring lessees to recognize and measure leases on the balance sheet at the beginning of either the earliest period presented or as of the beginning of the period of adoption. The Company elected to apply ASU 2016-02 as of the beginning of the period of adoption (January 1, 2019) and will not restate comparative periods. Adoption of ASU 2016-02 resulted in the recognition of lease liabilities totaling $21,918,000 and the recognition of right-of-use assets totaling $22,123,000 as of the date of adoption. Lease liabilities and right-of-use assets are reflected in other liabilities and other assets, respectively. The initial balance sheet gross up upon adoption was primarily related to operating leases of certain real estate properties. The Company has no finance leases or material subleases or leasing arrangements for which it is the lessor of property or equipment. The Company has elected to apply the package of practical expedients allowed by the new standard under which the Company need not reassess whether any expired or existing contracts are leases or contain leases, the Company need not reassess the lease classification for any expired or existing lease, and the Company need not reassess initial direct costs for any existing leases. Adoption of ASU 2016-02 does not materially change the Company’s recognition of lease expense. See Note 5 – Leases for additional disclosures related to leases. |
Newly Issued But Not Yet Effective Accounting Standards | Newly Issued, But Not Yet Effective Accounting Standards In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 makes significant changes to the accounting for credit losses on financial instruments and disclosures about them. The new current expected credit loss (CECL) impairment model will require an estimate of expected credit losses, measured over the contractual life of an instrument, which considers reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. The standard provides significant flexibility and requires a high degree of judgment with regards to pooling financial assets with similar risk characteristics, determining the contractual terms of said financial assets and adjusting the relevant historical loss information in order to develop an estimate of expected lifetime losses. In addition, ASU 2016-13 amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 31, 2019, and interim periods within those years for public business entities that are SEC filers. The Company will adopt ASU 2016-13 on January 1, 2020 using the modified retrospective approach. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018, however, the Company does not currently plan to early adopt the ASU. ASU 2016-13 permits the use of estimation techniques that are practical and relevant to the Company’s circumstances, as long as they are applied consistently over time and faithfully estimate expected credit losses in accordance with the standard. The ASU lists several common credit loss methods that are acceptable such as a discounted cash flow (DCF) method, loss-rate method and roll-rate method. The Company’s cross-functional implementation team continues to make progress in accordance with the Company’s implementation plan for adoption. The Company has developed new expected credit loss estimation models. Depending on the nature of each identified pool of financial assets with similar risk characteristics, the Company currently plans on implementing a DCF method or a loss-rate method to estimate expected credit losses. The Company is currently finalizing and documenting new processes and controls, challenging estimated credit loss model assumptions and outputs, refining the qualitative framework as well as drafting policies and disclosures. Additionally, parallel runs will be enhanced throughout 2019 as the processes, controls and policies are finalized. |
Business Combinations and Div_2
Business Combinations and Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Triumph Healthcare Finance | |
Business Acquisition [Line Items] | |
Summary of Assets Held for Sale and Consideration Received and Gain on Sale | A summary of the carrying amount of the assets in the Disposal Group and the gain on sale is as follows: (Dollars in thousands) Carrying amount of assets in the disposal group: Loans $ 70,147 Premises and equipment, net 19 Goodwill 1,457 Intangible assets, net 958 Other assets 197 Total carrying amount 72,778 Total consideration received 74,017 Gain on sale of division 1,239 Transaction costs 168 Gain on sale of division, net of transaction costs $ 1,071 |
First Bancorp of Durango, Inc. And Southern Colorado Corp. | |
Business Acquisition [Line Items] | |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) FBD SCC Total Assets acquired: Cash and cash equivalents $ 151,973 $ 14,299 $ 166,272 Securities 237,183 33,477 270,660 Loans held for sale 1,238 — 1,238 Loans 256,384 31,454 287,838 FHLB stock 786 129 915 Premises and equipment 7,495 840 8,335 Other real estate owned 213 — 213 Intangible assets 11,915 2,154 14,069 Other assets 2,715 403 3,118 669,902 82,756 752,658 Liabilities assumed: Deposits 601,194 73,464 674,658 Federal Home Loan Bank advances 737 — 737 Other liabilities 1,313 64 1,377 603,244 73,528 676,772 Fair value of net assets acquired 66,658 9,228 75,886 Cash consideration transferred 134,667 13,294 147,961 Goodwill $ 68,009 $ 4,066 $ 72,075 |
Summary of Acquired Loans | In connection with the acquisitions, the Company acquired loans both with and without evidence of credit quality deterioration since origination. The acquired loans were initially recorded at fair value with no carryover of any allowance for loan and lease losses. Acquired loans were segregated between those considered to be purchased credit impaired (“PCI”) loans and those without credit impairment at acquisition. The following table presents details of the estimated fair value of acquired loans at the acquisition date: Loans Excluding PCI Loans PCI Loans Total Loans (Dollars in thousands) FBD SCC Total FBD SCC Total Acquired Commercial real estate $ 140,955 $ 11,894 $ 152,849 $ 832 $ 200 $ 1,032 $ 153,881 Construction, land development, land 13,949 5,229 19,178 3,081 — 3,081 22,259 1-4 family residential properties 59,228 10,180 69,408 75 — 75 69,483 Farmland 5,709 1,207 6,916 — — — 6,916 Commercial 26,125 2,121 28,246 1,020 — 1,020 29,266 Factored receivables — — — — — — — Consumer 5,410 623 6,033 — — — 6,033 Mortgage warehouse — — — — — — — $ 251,376 $ 31,254 $ 282,630 $ 5,008 $ 200 $ 5,208 $ 287,838 |
Interstate Capital Corporation | |
Business Acquisition [Line Items] | |
Summary of Fair Values of the Identifiable Assets Acquired and Liabilities Assumed | A summary of the estimated fair values of assets acquired, liabilities assumed, consideration transferred, and the resulting goodwill is as follows: (Dollars in thousands) Assets acquired: Cash and cash equivalents $ 75 Factored receivables 131,017 Premises and equipment 279 Intangible assets 13,920 Other assets 144 145,435 Liabilities assumed: Deposits 7,389 Other liabilities 763 8,152 Fair value of net assets acquired 137,283 Consideration: Cash paid 160,258 Contingent consideration 20,000 Total consideration 180,258 Goodwill $ 42,975 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Schedule Of Debt Securities And Equity Securities [Line Items] | |
Schedule of Gross Realized and Unrealized Losses Recognized on Equity Securities | The Company held equity securities with fair values of $5,479,000 and $5,044,000 at June 30, 2019 and December 31, 2018, respectively. The gross realized and unrealized losses recognized on equity securities with readily determinable fair values in noninterest income in the Company’s consolidated statements of income were as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2019 2018 2019 2018 Unrealized gains (losses) on equity securities still held at the reporting date $ 296 $ 100 $ 435 $ 25 Realized gains (losses) on equity securities sold during the period — — — — $ 296 $ 100 $ 435 $ 25 |
Debt Securities [Member] | |
Schedule Of Debt Securities And Equity Securities [Line Items] | |
Schedule of Amortized Cost of Securities and Their Estimated Fair Values | Debt securities have been classified in the financial statements as available for sale or held to maturity. The amortized cost of debt securities and their estimated fair values are as follows: Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair June 30, 2019 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 79,774 $ 92 $ (189 ) $ 79,677 Mortgage-backed securities, residential 39,608 587 (47 ) 40,148 Asset-backed securities 8,960 — (43 ) 8,917 State and municipal 62,086 376 (29 ) 62,433 CLO securities 75,556 203 (10 ) 75,749 Corporate bonds 57,631 812 (1 ) 58,442 SBA pooled securities 4,542 83 — 4,625 Total available for sale securities $ 328,157 $ 2,153 $ (319 ) $ 329,991 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 8,573 $ — $ (1,290 ) $ 7,283 Gross Gross (Dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2018 Cost Gains Losses Value Available for sale securities: U.S. Government agency obligations $ 93,500 $ 9 $ (861 ) $ 92,648 U.S. Treasury notes 1,956 — (24 ) 1,932 Mortgage-backed securities, residential 39,971 222 (457 ) 39,736 Asset-backed securities 10,165 11 (31 ) 10,145 State and municipal 118,826 175 (550 ) 118,451 Corporate bonds 68,804 150 (167 ) 68,787 SBA pooled securities 4,766 5 (47 ) 4,724 Total available for sale securities $ 337,988 $ 572 $ (2,137 ) $ 336,423 Gross Gross Amortized Unrecognized Unrecognized Fair Cost Gains Losses Value Held to maturity securities: CLO securities $ 8,487 $ — $ (1,161 ) $ 7,326 |
Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at June 30, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Securities Held to Maturity Securities Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Due in one year or less $ 96,566 $ 96,543 $ — $ — Due from one year to five years 85,278 86,238 — — Due from five years to ten years 13,725 13,790 6,754 5,631 Due after ten years 79,478 79,730 1,819 1,652 275,047 276,301 8,573 7,283 Mortgage-backed securities, residential 39,608 40,148 — — Asset-backed securities 8,960 8,917 — — SBA pooled securities 4,542 4,625 — — $ 328,157 $ 329,991 $ 8,573 $ 7,283 |
Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses | Proceeds from sales of debt securities and the associated gross gains and losses are as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2019 2018 2019 2018 Proceeds $ 3,150 $ — $ 40,617 $ 34,196 Gross gains 14 — 133 5 Gross losses — — (130 ) (277 ) |
Schedule of Information Pertaining to Debt Securities with Gross Unrealized and Unrecognized Losses | Information pertaining to debt securities with gross unrealized and unrecognized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are summarized as follows: Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2019 Value Losses Value Losses Value Losses Available for sale securities: U.S. Government agency obligations $ — $ — $ 51,880 $ (189 ) $ 51,880 $ (189 ) Mortgage-backed securities, residential 1,345 (12 ) 6,956 (35 ) 8,301 (47 ) Asset-backed securities 3,943 (12 ) 4,969 (31 ) 8,912 (43 ) State and municipal 4,223 (2 ) 5,315 (27 ) 9,538 (29 ) CLO securities 6,750 (10 ) — — 6,750 (10 ) Corporate bonds — — 149 (1 ) 149 (1 ) SBA pooled securities — — 10 — 10 — $ 16,261 $ (36 ) $ 69,279 $ (283 ) $ 85,540 $ (319 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized June 30, 2019 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ 2,813 $ (317 ) $ 4,470 $ (973 ) $ 7,283 $ (1,290 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2018 Value Losses Value Losses Value Losses U.S. Government agency obligations $ 17,203 $ (83 ) $ 72,471 $ (778 ) $ 89,674 $ (861 ) U.S. Treasury notes — — 1,932 (24 ) 1,932 (24 ) Mortgage-backed securities, residential 9,334 (97 ) 13,910 (360 ) 23,244 (457 ) Asset-backed securities 197 (1 ) 4,970 (30 ) 5,167 (31 ) State and municipal 31,142 (201 ) 22,478 (349 ) 53,620 (550 ) Corporate bonds 41,874 (166 ) 149 (1 ) 42,023 (167 ) SBA pooled securities 2,602 (20 ) 1,451 (27 ) 4,053 (47 ) $ 102,352 $ (568 ) $ 117,361 $ (1,569 ) $ 219,713 $ (2,137 ) Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2018 Value Losses Value Losses Value Losses Held to maturity securities: CLO securities $ 2,861 $ (242 ) $ 4,465 $ (919 ) $ 7,326 $ (1,161 ) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan and Lease Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Schedule of Recorded Investment and Unpaid Principal | The following table presents the recorded investment and unpaid principal for loans: June 30, 2019 December 31, 2018 Recorded Unpaid Recorded Unpaid (Dollars in thousands) Investment Principal Difference Investment Principal Difference Commercial real estate $ 1,098,279 $ 1,104,946 $ (6,667 ) $ 992,080 $ 999,887 $ (7,807 ) Construction, land development, land 157,861 161,728 (3,867 ) 179,591 183,664 (4,073 ) 1-4 family residential 186,070 187,252 (1,182 ) 190,185 191,852 (1,667 ) Farmland 144,594 146,675 (2,081 ) 170,540 173,583 (3,043 ) Commercial 1,257,330 1,259,499 (2,169 ) 1,114,971 1,118,028 (3,057 ) Factored receivables 583,131 585,080 (1,949 ) 617,791 620,103 (2,312 ) Consumer 26,048 26,141 (93 ) 29,822 29,956 (134 ) Mortgage warehouse 382,590 382,590 — 313,664 313,664 — Total 3,835,903 $ 3,853,911 $ (18,008 ) 3,608,644 $ 3,630,737 $ (22,093 ) Allowance for loan and lease losses (29,416 ) (27,571 ) $ 3,806,487 $ 3,581,073 |
Summary of Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The activity in the allowance for loan and lease losses (“ALLL”) is as follows: (Dollars in thousands) Beginning Ending Three months ended June 30, 2019 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 5,186 $ 504 $ (13 ) $ — $ 5,677 Construction, land development, land 906 125 — 4 1,035 1-4 family residential 367 43 (7 ) 6 409 Farmland 578 12 — — 590 Commercial 12,212 1,937 (334 ) 84 13,899 Factored receivables 7,495 799 (1,463 ) 30 6,861 Consumer 555 185 (231 ) 54 563 Mortgage warehouse 306 76 — — 382 $ 27,605 $ 3,681 $ (2,048 ) $ 178 $ 29,416 (Dollars in thousands) Beginning Ending Three months ended June 30, 2018 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 3,468 $ 337 $ (2 ) $ — $ 3,803 Construction, land development, land 998 25 — 2 1,025 1-4 family residential 248 4 (14 ) 2 240 Farmland 618 91 (200 ) — 509 Commercial 9,193 964 (1 ) 74 10,230 Factored receivables 4,493 3,317 (116 ) 33 7,727 Consumer 719 110 (234 ) 75 670 Mortgage warehouse 285 58 — — 343 $ 20,022 $ 4,906 $ (567 ) $ 186 $ 24,547 (Dollars in thousands) Beginning Ending Six months ended June 30, 2019 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 4,493 $ 1,196 $ (13 ) $ 1 $ 5,677 Construction, land development, land 1,134 (110 ) (78 ) 89 1,035 1-4 family residential 317 82 (43 ) 53 409 Farmland 535 55 — — 590 Commercial 12,865 2,057 (1,114 ) 91 13,899 Factored receivables 7,299 988 (1,472 ) 46 6,861 Consumer 615 358 (509 ) 99 563 Mortgage warehouse 313 69 — — 382 $ 27,571 $ 4,695 $ (3,229 ) $ 379 $ 29,416 (Dollars in thousands) Beginning Ending Six months ended June 30, 2018 Balance Provision Charge-offs Recoveries Balance Commercial real estate $ 3,435 $ 370 $ (2 ) $ — $ 3,803 Construction, land development, land 883 132 — 10 1,025 1-4 family residential 293 (44 ) (14 ) 5 240 Farmland 310 399 (200 ) — 509 Commercial 8,150 2,571 (627 ) 136 10,230 Factored receivables 4,597 3,786 (700 ) 44 7,727 Consumer 783 194 (490 ) 183 670 Mortgage warehouse 297 46 — — 343 $ 18,748 $ 7,454 $ (2,033 ) $ 378 $ 24,547 |
Summary of Individual and Collective Allowance for Loan Losses and Loan Balances by Class | The following table presents loans individually and collectively evaluated for impairment, as well as purchased credit impaired (“PCI”) loans, and their respective ALLL allocations: (Dollars in thousands) Loan Evaluation ALLL Allocations June 30, 2019 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 6,747 $ 1,081,409 $ 10,123 $ 1,098,279 $ 522 $ 5,155 $ — $ 5,677 Construction, land development, land 1,016 150,205 6,640 157,861 21 1,014 — 1,035 1-4 family residential 2,386 183,155 529 186,070 142 267 — 409 Farmland 6,525 137,962 107 144,594 72 518 — 590 Commercial 14,802 1,241,582 946 1,257,330 2,016 11,879 4 13,899 Factored receivables 8,754 574,377 — 583,131 2,336 4,525 — 6,861 Consumer 448 25,600 — 26,048 9 554 — 563 Mortgage warehouse — 382,590 — 382,590 — 382 — 382 $ 40,678 $ 3,776,880 $ 18,345 $ 3,835,903 $ 5,118 $ 24,294 $ 4 $ 29,416 (Dollars in thousands) Loan Evaluation ALLL Allocations December 31, 2018 Individually Collectively PCI Total loans Individually Collectively PCI Total ALLL Commercial real estate $ 7,097 $ 974,280 $ 10,703 $ 992,080 $ 487 $ 4,006 $ — $ 4,493 Construction, land development, land 91 172,709 6,791 179,591 21 1,113 — 1,134 1-4 family residential 2,333 186,664 1,188 190,185 125 192 — 317 Farmland 7,424 162,735 381 170,540 72 463 — 535 Commercial 17,153 1,096,813 1,005 1,114,971 1,958 10,903 4 12,865 Factored receivables 6,759 611,032 — 617,791 1,968 5,331 — 7,299 Consumer 355 29,467 — 29,822 22 593 — 615 Mortgage warehouse — 313,664 — 313,664 — 313 — 313 $ 41,212 $ 3,547,364 $ 20,068 $ 3,608,644 $ 4,653 $ 22,914 $ 4 $ 27,571 |
Summary of Information Pertaining to Impaired Loans | The following is a summary of information pertaining to impaired loans. PCI loans that have not deteriorated subsequent to acquisition are not considered impaired and therefore do not require an allowance and are excluded from these tables. Impaired Loans and Purchased Credit Impaired Loans Impaired Loans With a Valuation Allowance Without a Valuation Allowance (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid June 30, 2019 Investment Principal Allowance Investment Principal Commercial real estate $ 974 $ 997 $ 522 $ 5,773 $ 5,897 Construction, land development, land 91 91 21 925 1,028 1-4 family residential 219 201 142 2,167 2,285 Farmland 914 900 72 5,611 5,846 Commercial 4,502 4,527 2,016 10,300 10,453 Factored receivables 8,754 8,754 2,336 — — Consumer 21 20 9 427 427 Mortgage warehouse — — — — — PCI 71 55 4 — — $ 15,546 $ 15,545 $ 5,122 $ 25,203 $ 25,936 Impaired Loans and Purchased Credit Impaired Loans Impaired Loans With a Valuation Allowance Without a Valuation Allowance (Dollars in thousands) Recorded Unpaid Related Recorded Unpaid December 31, 2018 Investment Principal Allowance Investment Principal Commercial real estate $ 5,610 $ 5,614 $ 487 $ 1,487 $ 1,520 Construction, land development, land 91 91 21 — — 1-4 family residential 225 216 125 2,108 2,255 Farmland 914 900 72 6,510 6,979 Commercial 5,235 5,254 1,958 11,918 12,089 Factored receivables 6,759 6,759 1,968 — — Consumer 63 57 22 292 296 Mortgage warehouse — — — — — PCI 71 55 4 — — $ 18,968 $ 18,946 $ 4,657 $ 22,315 $ 23,139 The following table presents average impaired loans and interest recognized on impaired loans: Three Months Ended Three Months Ended June 30, 2019 June 30, 2018 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 7,165 $ 50 $ 3,378 $ 6 Construction, land development, land 1,018 — 140 — 1-4 family residential 1,907 11 2,251 2 Farmland 6,520 45 3,834 10 Commercial 13,800 69 29,088 174 Factored receivables 8,537 — 4,175 — Consumer 423 2 346 — Mortgage warehouse — — — — PCI 71 — 40 — $ 39,441 $ 177 $ 43,252 $ 192 Six Months Ended Six Months Ended June 30, 2019 June 30, 2018 Average Interest Average Interest (Dollars in thousands) Impaired Loans Recognized Impaired Loans Recognized Commercial real estate $ 6,922 $ 50 $ 3,443 $ 6 Construction, land development, land 553 — 138 — 1-4 family residential 2,360 12 2,404 4 Farmland 6,974 90 3,657 17 Commercial 15,978 121 28,047 664 Factored receivables 7,756 — 4,666 — Consumer 402 2 323 1 Mortgage warehouse — — — — PCI 71 — 40 — $ 41,016 $ 275 $ 42,718 $ 692 |
Summary of Contractually Past Due and Nonaccrual Loans | Past Due and Nonaccrual Loans The following is a summary of contractually past due and nonaccrual loans: Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More June 30, 2019 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 2,405 $ — $ 6,749 $ 9,154 Construction, land development, land 229 — 1,016 1,245 1-4 family residential 1,973 18 2,310 4,301 Farmland 1,622 — 3,064 4,686 Commercial 5,638 — 12,261 17,899 Factored receivables 25,983 5,441 — 31,424 Consumer 682 3 448 1,133 Mortgage warehouse — — — — PCI 4 — 3,166 3,170 $ 38,536 $ 5,462 $ 29,014 $ 73,012 Past Due Past Due 90 (Dollars in thousands) 30-89 Days Days or More December 31, 2018 Still Accruing Still Accruing Nonaccrual Total Commercial real estate $ 2,625 $ 397 $ 7,096 $ 10,118 Construction, land development, land 1,003 — 91 1,094 1-4 family residential 2,103 — 1,588 3,691 Farmland 308 — 4,059 4,367 Commercial 3,728 999 14,071 18,798 Factored receivables 41,135 2,152 — 43,287 Consumer 1,005 11 355 1,371 Mortgage warehouse — — — — PCI 788 — 3,525 4,313 $ 52,695 $ 3,559 $ 30,785 $ 87,039 |
Schedule of Nonperforming Loans | The following table presents information regarding nonperforming loans: (Dollars in thousands) June 30, 2019 December 31, 2018 Nonaccrual loans (1) $ 29,014 $ 30,785 Factored receivables greater than 90 days past due 5,441 2,152 Troubled debt restructurings accruing interest 2,355 3,117 $ 36,810 $ 36,054 (1) |
Summary of Risk Category of Loans | As of June 30, 2019 and December 31, 2018, based on the most recent analysis performed, the risk category of loans is as follows: (Dollars in thousands) June 30, 2019 Pass Classified PCI Total Commercial real estate $ 1,082,031 $ 6,125 $ 10,123 $ 1,098,279 Construction, land development, land 150,205 1,016 6,640 157,861 1-4 family residential 183,141 2,400 529 186,070 Farmland 136,525 7,962 107 144,594 Commercial 1,239,385 16,999 946 1,257,330 Factored receivables 574,926 8,205 — 583,131 Consumer 25,595 453 — 26,048 Mortgage warehouse 382,590 — — 382,590 $ 3,774,398 $ 43,160 $ 18,345 $ 3,835,903 (Dollars in thousands) December 31, 2018 Pass Classified PCI Total Commercial real estate $ 977,548 $ 3,829 $ 10,703 $ 992,080 Construction, land development, land 172,709 91 6,791 179,591 1-4 family residential 187,251 1,746 1,188 190,185 Farmland 161,565 8,594 381 170,540 Commercial 1,093,759 20,207 1,005 1,114,971 Factored receivables 612,577 5,214 — 617,791 Consumer 29,461 361 — 29,822 Mortgage warehouse 313,664 — — 313,664 $ 3,548,534 $ 40,042 $ 20,068 $ 3,608,644 |
Schedule of Loans Modified as Troubled Debt Restructurings | The following table presents the pre- and post-modification recorded investment of loans modified as troubled debt restructurings during the three and six months ended June 30, 2019 and 2018. The Company did not grant principal reductions on any restructured loans. Extended Amortization Payment AB Note Interest Rate Total Number of (Dollars in thousands) Period Deferrals Restructure Reduction Modifications Loans Six months ended June 30, 2019 Commercial real estate $ — $ — $ 4,597 $ — $ 4,597 1 Commercial 1,096 84 — 593 1,773 5 $ 1,096 $ 84 $ 4,597 $ 593 $ 6,370 6 Three months ended June 30, 2019 Commercial real estate $ — $ — $ 4,597 $ — $ 4,597 1 Commercial 1,096 — — 593 1,689 3 $ 1,096 $ — $ 4,597 $ 593 $ 6,286 4 Six months ended June 30, 2018 1-4 family residential $ 110 $ — $ — $ — $ 110 3 Commercial 75 — — — 75 2 $ 185 $ — $ — $ — $ 185 5 |
Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans Receivable | The outstanding contractually required principal and interest and the carrying amount of these loans included in the balance sheet amounts of loans at June 30, 2019 and December 31, 2018, are as follows: June 30, December 31, 2019 2018 Contractually required principal and interest: Real estate loans $ 21,524 $ 22,644 Commercial loans 3,152 4,078 Outstanding contractually required principal and interest $ 24,676 $ 26,722 Gross carrying amount included in loans receivable $ 18,345 $ 20,068 |
Schedule of Changes in Accretable Yield for the PCI Loans | The changes in accretable yield during the three and six months ended June 30, 2019 and 2018 in regard to loans transferred at acquisition for which it was probable that all contractually required payments would not be collected are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Accretable yield, beginning balance $ 5,283 $ 2,442 $ 5,711 $ 2,793 Additions — — — — Accretion (358 ) (354 ) (768 ) (738 ) Reclassification from nonaccretable to accretable yield 14 17 14 50 Disposals (146 ) — (164 ) — Accretable yield, ending balance $ 4,793 $ 2,105 $ 4,793 $ 2,105 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost | Lease costs were as follows: Three Months Ended Six Months Ended (Dollars in thousands) June 30, 2019 June 30, 2019 Operating lease cost $ 1,115 $ 2,168 Short-term lease cost — — Variable lease cost 82 196 Total lease cost $ 1,197 $ 2,364 |
Lessee, Operating Lease, Liability, Maturity | A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows: (Dollars in thousands) June 30, 2019 Lease payments due: Within one year $ 4,008 After one but within two years 4,108 After two but within three years 3,773 After three but within four years 3,325 After four but within five years 2,999 After five years 7,048 Total undiscounted cash flows 25,261 Discount on cash flows (2,868 ) Total lease liability $ 22,393 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | Goodwill and intangible assets consist of the following: (Dollars in thousands) June 30, 2019 December 31, 2018 Goodwill $ 158,743 $ 158,743 June 30, 2019 December 31, 2018 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying (Dollars in thousands) Amount Amortization Amount Amount Amortization Amount Core deposit intangibles $ 43,578 $ (19,368 ) $ 24,210 $ 43,578 $ (16,266 ) $ 27,312 Other intangible assets 15,700 (3,985 ) 11,715 15,700 (2,338 ) 13,362 $ 59,278 $ (23,353 ) $ 35,925 $ 59,278 $ (18,604 ) $ 40,674 |
Schedule of Changes in Goodwill and Intangible Assets | The changes in goodwill and intangible assets during the three and six months ended June 30, 2019 and 2018 are as follows: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2019 2018 2019 2018 Beginning balance $ 197,015 $ 63,923 $ 199,417 $ 63,778 Acquired goodwill — 42,975 — 42,975 Goodwill measurement period adjustment — (1,680 ) — — Acquired intangibles — 13,920 — 13,935 Divestiture — — — (433 ) Amortization of intangibles (2,347 ) (1,361 ) (4,749 ) (2,478 ) Ending balance $ 194,668 $ 117,777 $ 194,668 $ 117,777 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The Company holds investments in the subordinated notes of the following closed Collateralized Loan Obligation (“CLO”) funds: Offering Offering (Dollars in thousands) Date Amount Trinitas CLO IV, LTD (Trinitas IV) June 2, 2016 $ 406,650 Trinitas CLO V, LTD (Trinitas V) September 22, 2016 $ 409,000 Trinitas CLO VI, LTD (Trinitas VI) June 20, 2017 $ 717,100 |
Off-Balance Sheet Loan Commit_2
Off-Balance Sheet Loan Commitments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments with Off-Balance Sheet Risk | The contractual amounts of financial instruments with off-balance sheet risk were as follows: June 30, 2019 December 31, 2018 (Dollars in thousands) Fixed Rate Variable Rate Total Fixed Rate Variable Rate Total Unused lines of credit $ 58,057 $ 424,739 $ 482,796 $ 69,053 $ 433,667 $ 502,720 Standby letters of credit $ 5,012 $ 4,815 $ 9,827 $ 2,285 $ 3,931 $ 6,216 Commitments to purchase loans $ — $ 29,000 $ 29,000 $ — $ — $ — Mortgage warehouse commitments $ — $ 262,226 $ 262,226 $ — $ 266,458 $ 266,458 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the table below. (Dollars in thousands) Fair Value Measurements Using Total June 30, 2019 Level 1 Level 2 Level 3 Fair Value Assets measured at fair value on a recurring basis Securities available for sale U.S. Government agency obligations $ — $ 79,677 $ — $ 79,677 Mortgage-backed securities, residential — 40,148 — 40,148 Asset-backed securities — 8,917 — 8,917 State and municipal — 62,433 — 62,433 CLO securities — 75,749 — 75,749 Corporate bonds — 58,442 — 58,442 SBA pooled securities — 4,625 — 4,625 $ — $ 329,991 $ — $ 329,991 Equity securities Mutual fund $ 5,479 $ — $ — $ 5,479 Loans held for sale $ — $ 2,877 $ — $ 2,877 Liabilities measured at fair value on a recurring basis ICC Contingent consideration $ — $ — $ 21,302 $ 21,302 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2018 Level 1 Level 2 Level 3 Fair Value Assets measured at fair value on a recurring basis Securities available for sale U.S. Government agency obligations $ — $ 92,648 $ — $ 92,648 U.S. Treasury notes — 1,932 — 1,932 Mortgage-backed securities, residential — 39,736 — 39,736 Asset backed securities — 10,145 — 10,145 State and municipal — 118,451 — 118,451 Corporate bonds — 68,787 — 68,787 SBA pooled securities — 4,724 — 4,724 $ — $ 336,423 $ — $ 336,423 Equity securities Mutual fund $ 5,044 $ — $ — $ 5,044 Loans held for sale $ — $ 2,106 $ — $ 2,106 Liabilities measured at fair value on a recurring basis ICC Contingent consideration $ — $ — $ 20,745 $ 20,745 |
Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration | A reconciliation of the opening balance to the closing balance of the fair value of the contingent consideration is as follows Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2019 2018 2019 2018 Beginning balance $ 21,006 $ — $ 20,745 $ — Contingent consideration recognized in business combination — 20,000 — 20,000 Change in fair value of contingent consideration recognized in earnings 296 — 557 — Consideration settlement payments — — — — Ending balance $ 21,302 $ 20,000 $ 21,302 $ 20,000 |
Fair Value of Assets Measured on Non-recurring Basis | There were no liabilities measured at fair value on a non-recurring basis at June 30, 2019 and December 31, 2018. (Dollars in thousands) Fair Value Measurements Using Total June 30, 2019 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 452 $ 452 Construction, land development, land — — 70 70 1-4 family residential — — 77 77 Farmland — — 842 842 Commercial — — 2,486 2,486 Factored receivables — — 6,418 6,418 Consumer — — 12 12 PCI — — 67 67 Other real estate owned (1) Commercial real estate — — 230 230 1-4 family residential properties — — 240 240 $ — $ — $ 10,894 $ 10,894 (Dollars in thousands) Fair Value Measurements Using Total December 31, 2018 Level 1 Level 2 Level 3 Fair Value Impaired loans Commercial real estate $ — $ — $ 5,123 $ 5,123 Construction, land development, land — — 70 70 1-4 family residential — — 100 100 Farmland — — 842 842 Commercial — — 3,277 3,277 Factored receivables — — 4,791 4,791 Consumer — — 41 41 PCI — — 67 67 Other real estate owned (1) Commercial real estate — — 1,095 1,095 $ — $ — $ 15,406 $ 15,406 (1) Represents the fair value of OREO that was adjusted during the year to date period and subsequent to its initial classification as OREO. |
Estimated Fair Value of Company's Financial Assets and Financial Liabilities | The estimated fair values of the Company’s financial instruments not measured at fair value on a recurring or non-recurring basis at June 30, 2019 and December 31, 2018 were as follows: (Dollars in thousands) Carrying Fair Value Measurements Using Total June 30, 2019 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 209,305 $ 209,305 $ — $ — $ 209,305 Securities - held to maturity 8,573 — — 7,283 7,283 Loans not previously presented, gross 3,820,357 — — 3,810,015 3,810,015 FHLB stock 18,037 N/A N/A N/A N/A Accrued interest receivable 19,963 19,963 — — 19,963 Financial liabilities: Deposits 3,658,978 — 3,662,047 — 3,662,047 Customer repurchase agreements 12,788 — 12,788 — 12,788 Federal Home Loan Bank advances 305,000 — 305,000 — 305,000 Subordinated notes 48,983 — 52,500 — 52,500 Junior subordinated debentures 39,320 — 40,549 — 40,549 Accrued interest payable 9,030 9,030 — — 9,030 (Dollars in thousands) Carrying Fair Value Measurements Using Total December 31, 2018 Amount Level 1 Level 2 Level 3 Fair Value Financial assets: Cash and cash equivalents $ 234,939 $ 234,939 $ — $ — $ 234,939 Securities - held to maturity 8,487 — — 7,326 7,326 Loans not previously presented, gross 3,589,676 — — 3,505,724 3,505,724 FHLB stock 15,943 N/A N/A N/A N/A Accrued interest receivable 19,094 19,094 — — 19,094 Financial liabilities: Deposits 3,450,349 — 3,440,570 — 3,440,570 Customer repurchase agreements 4,485 — 4,485 — 4,485 Federal Home Loan Bank advances 330,000 — 330,000 — 330,000 Subordinated notes 48,929 — 50,500 — 50,500 Junior subordinated debentures 39,083 — 40,808 — 40,808 Accrued interest payable 6,722 6,722 — — 6,722 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The actual capital amounts and ratios for the Company and TBK Bank are presented in the following table. To Be Well Capitalized Under Minimum for Capital Prompt Corrective (Dollars in thousands) Actual Adequacy Purposes Action Provisions As of June 30, 2019 Amount Ratio Amount Ratio Amount Ratio Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 566,636 12.9% $ 351,402 8.0% N/A N/A TBK Bank, SSB $ 526,237 12.3% $ 342,268 8.0% $ 427,835 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 487,733 11.1% $ 263,639 6.0% N/A N/A TBK Bank, SSB $ 496,323 11.6% $ 256,719 6.0% $ 342,292 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 448,413 10.2% $ 197,829 4.5% N/A N/A TBK Bank, SSB $ 496,323 11.6% $ 192,539 4.5% $ 278,112 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 487,733 10.8% $ 180,642 4.0% N/A N/A TBK Bank, SSB $ 496,323 11.1% $ 178,855 4.0% $ 223,569 5.0% As of December 31, 2018 Total capital (to risk weighted assets) Triumph Bancorp, Inc. $ 552,398 13.4% $ 330,970 8.0% N/A N/A TBK Bank, SSB $ 496,526 12.4% $ 320,856 8.0% $ 401,071 10.0% Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 475,359 11.5% $ 248,227 6.0% N/A N/A TBK Bank, SSB $ 468,500 11.7% $ 240,642 6.0% $ 320,856 8.0% Common equity Tier 1 capital (to risk weighted assets) Triumph Bancorp, Inc. $ 436,276 10.5% $ 186,170 4.5% N/A N/A TBK Bank, SSB $ 468,500 11.7% $ 180,482 4.5% $ 260,696 6.5% Tier 1 capital (to average assets) Triumph Bancorp, Inc. $ 475,359 11.1% $ 171,619 4.0% N/A N/A TBK Bank, SSB $ 468,500 11.0% $ 170,092 4.0% $ 212,615 5.0% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Summary of Capital Structure | The following summarizes the capital structure of Triumph Bancorp, Inc. Common Stock June 30, 2019 December 31, 2018 Shares authorized 50,000,000 50,000,000 Shares issued 27,147,933 27,053,999 Treasury shares (949,625 ) (104,063 ) Shares outstanding 26,198,308 26,949,936 Par value per share $ 0.01 $ 0.01 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Changes in Company's Nonvested Restricted Stock Awards | A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the six months ended June 30, 2019 were as follows: Weighted-Average Grant-Date Nonvested RSAs Shares Fair Value Nonvested at January 1, 2019 101,213 $ 31.47 Granted 93,566 30.98 Vested (36,612 ) 27.68 Forfeited (2,196 ) 31.52 Nonvested at June 30, 2019 155,971 $ 32.07 |
Summary of Changes in Company's Nonvested Restricted Stock Units | A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the six months ended June 30, 2019 were as follows: Weighted-Average Grant-Date Nonvested RSUs Shares Fair Value Nonvested at January 1, 2019 59,658 $ 38.75 Granted — — Vested — — Forfeited (1,258 ) 38.75 Nonvested at June 30, 2019 58,400 $ 38.75 |
Summary of Changes in Company's Nonvested Performance Stock Units | A summary of changes in the Company’s nonvested Performance Stock Units (“PSUs”) under the Omnibus Incentive Plan for the six months ended June 30, 2019 were as follows: Weighted-Average Grant-Date Nonvested PSUs Shares Fair Value Nonvested at January 1, 2019 59,658 $ 38.57 Granted 12,479 33.91 Vested — — Forfeited (1,258 ) 38.57 Nonvested at June 30, 2019 70,879 $ 37.75 |
Schedule of Performance Stock Units, Valuation Assumptions | Six Months Ended June 30, 2019 2018 Grant date May 1, 2019 May 1, 2018 Performance period 3.00 Years 5.00 Years Stock price $ 30.82 $ 38.85 Triumph stock price volatility 28.29 % 29.13 % Risk-free rate 2.25 % 2.76 % |
Summary of Changes in Company's Stock Options | A summary of the changes in the Company’s stock options under the Omnibus Incentive Plan for the six months ended June 30, 2019 were as follows: Weighted-Average Remaining Aggregate Weighted-Average Contractual Term Intrinsic Value Stock Options Shares Exercise Price (In Years) (In Thousands) Outstanding at January 1, 2019 231,467 $ 23.43 Granted 19,285 31.00 Exercised (1,031 ) 19.64 Forfeited or expired (3,103 ) 28.76 Outstanding at June 30, 2019 246,618 $ 23.97 7.65 $ 1,782 Fully vested shares and shares expected to vest at June 30, 2019 246,618 $ 23.97 7.65 $ 1,782 Shares exercisable at June 30, 2019 131,358 $ 20.15 7.17 $ 1,291 |
Schedule of Information Related to Stock Options | Information related to the stock options for the six months ended June 30, 2019 and 2018 was as follows: Six Months Ended June 30, (Dollars in thousands, except per share amounts) 2019 2018 Aggregate intrinsic value of options exercised $ 11 $ 59 Cash received from option exercises — — Tax benefit realized from option exercises 2 12 Weighted average fair value per share of options granted $ 10.03 $ 13.22 |
Fair Value of Stock Options Granted Weighted-Average Assumptions | The fair value of the stock options granted was determined using the following weighted-average assumptions: Six Months Ended June 30, 2019 2018 Risk-free interest rate 2.33 % 2.85 % Expected term 6.25 years 6.25 years Expected stock price volatility 27.46 % 28.07 % Dividend yield — — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Factors Used in Computation of Earnings Per Share | The factors used in the earnings per share computation follow: Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2019 2018 2019 2018 Basic Net income to common stockholders $ 12,730 $ 12,192 $ 27,518 $ 24,070 Weighted average common shares outstanding 26,396,351 25,519,108 26,537,255 23,133,489 Basic earnings per common share $ 0.48 $ 0.48 $ 1.04 $ 1.04 Diluted Net income to common stockholders $ 12,730 $ 12,192 $ 27,518 $ 24,070 Dilutive effect of preferred stock — 193 — 383 Net income to common stockholders - diluted $ 12,730 $ 12,385 $ 27,518 $ 24,453 Weighted average common shares outstanding 26,396,351 25,519,108 26,537,255 23,133,489 Dilutive effects of: Assumed conversion of Preferred A — 315,773 — 315,773 Assumed conversion of Preferred B — 354,471 — 354,471 Assumed exercises of stock warrants — — — — Assumed exercises of stock options 59,962 86,821 61,819 85,123 Restricted stock awards 30,110 37,417 39,352 60,425 Restricted stock units — 2,288 — 862 Performance stock units — — — — Average shares and dilutive potential common shares 26,486,423 26,315,878 26,638,426 23,950,143 Diluted earnings per common share $ 0.48 $ 0.47 $ 1.03 $ 1.02 |
Schedule of Shares not Considered in Computing Diluted Earnings per Common Share | Shares that were not considered in computing diluted earnings per common share because they were antidilutive are as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Shares assumed to be converted from Preferred Stock Series A — — — — Shares assumed to be converted from Preferred Stock Series B — — — — Stock options 70,037 51,952 70,037 51,952 Restricted stock awards — — — — Restricted stock units 58,400 — 58,400 — Performance stock units 70,879 59,658 70,879 59,658 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | (Dollars in thousands) Three Months Ended June 30, 2019 Banking Factoring Corporate Consolidated Total interest income $ 52,258 $ 24,762 $ 283 $ 77,303 Intersegment interest allocations 2,512 (2,512 ) — — Total interest expense 12,301 — 1,583 13,884 Net interest income (expense) 42,469 22,250 (1,300 ) 63,419 Provision for loan losses 2,874 807 — 3,681 Net interest income after provision 39,595 21,443 (1,300 ) 59,738 Noninterest income 6,453 1,205 (35 ) 7,623 Noninterest expense 36,651 13,253 800 50,704 Operating income (loss) $ 9,397 $ 9,395 $ (2,135 ) $ 16,657 (Dollars in thousands) Three Months Ended June 30, 2018 Banking Factoring Corporate Consolidated Total interest income $ 40,376 $ 20,314 $ 559 $ 61,249 Intersegment interest allocations 4,155 (4,155 ) — — Total interest expense 6,440 — 1,552 7,992 Net interest income (expense) 38,091 16,159 (993 ) 53,257 Provision for loan losses 1,592 3,313 1 4,906 Net interest income after provision 36,499 12,846 (994 ) 48,351 Noninterest income 4,033 920 (8 ) 4,945 Noninterest expense 26,401 10,311 691 37,403 Operating income (loss) $ 14,131 $ 3,455 $ (1,693 ) $ 15,893 (Dollars in thousands) Six Months Ended June 30, 2019 Banking Factoring Corporate Consolidated Total interest income $ 101,379 $ 48,566 $ 622 $ 150,567 Intersegment interest allocations 5,150 (5,150 ) — — Total interest expense 22,655 — 3,182 25,837 Net interest income (expense) 83,874 43,416 (2,560 ) 124,730 Provision for loan losses 3,828 944 (77 ) 4,695 Net interest income after provision 80,046 42,472 (2,483 ) 120,035 Noninterest income 12,751 2,281 129 15,161 Noninterest expense 71,038 26,546 1,686 99,270 Operating income (loss) $ 21,759 $ 18,207 $ (4,040 ) $ 35,926 (Dollars in thousands) Six Months Ended June 30, 2018 Banking Factoring Corporate Consolidated Total interest income $ 79,280 $ 35,094 $ 993 $ 115,367 Intersegment interest allocations 7,088 (7,088 ) — — Total interest expense 11,994 — 2,986 14,980 Net interest income (expense) 74,374 28,006 (1,993 ) 100,387 Provision for loan losses 3,736 3,706 12 7,454 Net interest income after provision 70,638 24,300 (2,005 ) 92,933 Gain on sale of subsidiary or division 1,071 — — 1,071 Other noninterest income 7,620 1,510 (84 ) 9,046 Noninterest expense 52,939 17,165 1,341 71,445 Operating income (loss) $ 26,390 $ 8,645 $ (3,430 ) $ 31,605 (Dollars in thousands) June 30, 2019 Banking Factoring Corporate Eliminations Consolidated Total assets $ 4,702,249 $ 636,901 $ 739,219 $ (1,295,180 ) $ 4,783,189 Gross loans $ 3,742,999 $ 544,601 $ 1,553 $ (453,250 ) $ 3,835,903 (Dollars in thousands) December 31, 2018 Banking Factoring Corporate Eliminations Consolidated Total assets $ 4,458,399 $ 688,245 $ 737,530 $ (1,324,395 ) $ 4,559,779 Gross loans $ 3,523,850 $ 588,750 $ 10,795 $ (514,751 ) $ 3,608,644 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($)Segments | Jan. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of reportable segments | Segments | 3 | |
Operating lease liability | $ 22,393,000 | |
Operating lease right-of-use asset | $ 22,493,000 | |
ASU 2016-02 | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating lease liability | $ 21,918,000 | |
Operating lease right-of-use asset | $ 22,123,000 |
Business Combinations and Div_3
Business Combinations and Divestitures - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 08, 2018 | Jun. 02, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Liabilities assumed: | ||||
Goodwill | $ 158,743 | $ 158,743 | ||
FBD | ||||
Assets acquired: | ||||
Cash and cash equivalents | $ 151,973 | |||
Securities | 237,183 | |||
Loans held for sale | 1,238 | |||
Loans | 256,384 | |||
FHLB stock | 786 | |||
Premises and equipment | 7,495 | |||
Other real estate owned | 213 | |||
Intangible assets | 11,915 | |||
Other assets | 2,715 | |||
Total Assets Acquired | 669,902 | |||
Liabilities assumed: | ||||
Deposits | 601,194 | |||
Federal Home Loan Bank advances | 737 | |||
Other liabilities | 1,313 | |||
Total liabilities | 603,244 | |||
Fair value of net assets acquired | 66,658 | |||
Cash consideration transferred | 134,667 | |||
Goodwill | 68,009 | |||
SCC | ||||
Assets acquired: | ||||
Cash and cash equivalents | 14,299 | |||
Securities | 33,477 | |||
Loans | 31,454 | |||
FHLB stock | 129 | |||
Premises and equipment | 840 | |||
Intangible assets | 2,154 | |||
Other assets | 403 | |||
Total Assets Acquired | 82,756 | |||
Liabilities assumed: | ||||
Deposits | 73,464 | |||
Other liabilities | 64 | |||
Total liabilities | 73,528 | |||
Fair value of net assets acquired | 9,228 | |||
Cash consideration transferred | 13,294 | |||
Goodwill | 4,066 | |||
Total | ||||
Assets acquired: | ||||
Cash and cash equivalents | 166,272 | |||
Securities | 270,660 | |||
Loans held for sale | 1,238 | |||
Loans | 287,838 | |||
FHLB stock | 915 | |||
Premises and equipment | 8,335 | |||
Other real estate owned | 213 | |||
Intangible assets | 14,069 | |||
Other assets | 3,118 | |||
Total Assets Acquired | 752,658 | |||
Liabilities assumed: | ||||
Deposits | 674,658 | |||
Federal Home Loan Bank advances | 737 | |||
Other liabilities | 1,377 | |||
Total liabilities | 676,772 | |||
Fair value of net assets acquired | 75,886 | |||
Cash consideration transferred | 147,961 | |||
Goodwill | $ 72,075 | |||
Interstate Capital Corporation | ||||
Assets acquired: | ||||
Cash and cash equivalents | $ 75 | |||
Factored receivables | 131,017 | |||
Premises and equipment | 279 | |||
Intangible assets | 13,920 | |||
Other assets | 144 | |||
Total Assets Acquired | 145,435 | |||
Liabilities assumed: | ||||
Deposits | 7,389 | |||
Other liabilities | 763 | |||
Total liabilities | 8,152 | |||
Fair value of net assets acquired | 137,283 | |||
Cash consideration transferred | 160,258 | |||
Contingent consideration | 20,000 | |||
Consideration transferred | 180,258 | |||
Goodwill | $ 42,975 |
Business Combinations and Div_4
Business Combinations and Divestitures - Additional Information (Details) - USD ($) | Sep. 08, 2018 | Jun. 02, 2018 | Jan. 19, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 158,743,000 | $ 158,743,000 | |||||
Triumph Healthcare Finance | |||||||
Business Acquisition [Line Items] | |||||||
Disposal of group agreement date | Jan. 19, 2018 | ||||||
Disposal of group closing date | Mar. 16, 2018 | ||||||
First Bancorp of Durango, Inc. And Southern Colorado Corp. | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 72,075,000 | ||||||
Finite lived intangible assets, Amortization period | 10 years | ||||||
Business acquisition, related costs | $ 5,871,000,000 | ||||||
Interstate Capital Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 42,975,000 | ||||||
Business acquisition, related costs | $ 1,094,000 | ||||||
Date of acquisition completion date | Jun. 2, 2018 | ||||||
Fair value of consideration paid included contingent consideration | $ 20,000,000 | 21,302,000 | |||||
Final contingent consideration payout | $ 22,000,000 | $ 22,000,000 | |||||
Interstate Capital Corporation | Minimum | |||||||
Business Acquisition [Line Items] | |||||||
Final contingent consideration payout | 0 | ||||||
Interstate Capital Corporation | Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Final contingent consideration payout | 22,000,000 | ||||||
Interstate Capital Corporation | Factoring | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 42,975,000 | ||||||
Interstate Capital Corporation | Factoring | Customer Relationship | |||||||
Business Acquisition [Line Items] | |||||||
Finite lived intangible assets, Amortization period | 8 years | ||||||
Finite-lived intangible assets, fair value | $ 13,500,000 | ||||||
Interstate Capital Corporation | Factoring | Trade Name | |||||||
Business Acquisition [Line Items] | |||||||
Finite lived intangible assets, Amortization period | 3 years | ||||||
Finite-lived intangible assets, fair value | $ 420,000 |
Business Combinations and Div_5
Business Combinations and Divestitures - Summary of Acquired Loans (Details) $ in Thousands | Sep. 08, 2018USD ($) |
FBD | |
Business Acquisition [Line Items] | |
Total Loans Acquired | $ 256,384 |
FBD | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 251,376 |
FBD | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 5,008 |
Total | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 282,630 |
Total Loans Acquired | 287,838 |
Total | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 5,208 |
SCC | |
Business Acquisition [Line Items] | |
Total Loans Acquired | 31,454 |
SCC | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 31,254 |
SCC | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 200 |
Commercial real estate | FBD | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 140,955 |
Commercial real estate | FBD | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 832 |
Commercial real estate | Total | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 152,849 |
Total Loans Acquired | 153,881 |
Commercial real estate | Total | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 1,032 |
Commercial real estate | SCC | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 11,894 |
Commercial real estate | SCC | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 200 |
Construction, land development, land | FBD | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 13,949 |
Construction, land development, land | FBD | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 3,081 |
Construction, land development, land | Total | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 19,178 |
Total Loans Acquired | 22,259 |
Construction, land development, land | Total | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 3,081 |
Construction, land development, land | SCC | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 5,229 |
1-4 family residential properties | FBD | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 59,228 |
1-4 family residential properties | FBD | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 75 |
1-4 family residential properties | Total | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 69,408 |
Total Loans Acquired | 69,483 |
1-4 family residential properties | Total | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 75 |
1-4 family residential properties | SCC | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 10,180 |
Farmland | FBD | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 5,709 |
Farmland | Total | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 6,916 |
Total Loans Acquired | 6,916 |
Farmland | SCC | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 1,207 |
Commercial | FBD | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 26,125 |
Commercial | FBD | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 1,020 |
Commercial | Total | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 28,246 |
Total Loans Acquired | 29,266 |
Commercial | Total | PCI Loans | |
Business Acquisition [Line Items] | |
Acquired loans at acquisition | 1,020 |
Commercial | SCC | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 2,121 |
Consumer | FBD | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 5,410 |
Consumer | Total | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | 6,033 |
Total Loans Acquired | 6,033 |
Consumer | SCC | Non-Purchase Credit Impaired Loans | |
Business Acquisition [Line Items] | |
Loans, Excluding PCI Loans | $ 623 |
Business Combinations and Div_6
Business Combinations and Divestitures - Summary of Assets Held for Sale and Consideration Received and Gain on Sale (Details) - USD ($) $ in Thousands | Mar. 16, 2018 | Jun. 30, 2018 |
Business Acquisition [Line Items] | ||
Gain on sale of subsidiary or division, net of transaction costs | $ 1,071 | |
Triumph Healthcare Finance | ||
Business Acquisition [Line Items] | ||
Loans | $ 70,147 | |
Premises and equipment, net | 19 | |
Goodwill | 1,457 | |
Intangible assets, net | 958 | |
Other assets | 197 | |
Total carrying amount | 72,778 | |
Total consideration received | 74,017 | |
Gain on sale of subsidiary or division | 1,239 | |
Transaction costs | 168 | |
Gain on sale of subsidiary or division, net of transaction costs | $ 1,071 |
Securities - Additional Informa
Securities - Additional Information (Details) $ in Thousands | Jun. 30, 2019USD ($)securities | Dec. 31, 2018USD ($) |
Schedule Of Equity And Debt Securities [Line Items] | ||
Equity securities, Fair Value | $ 5,479 | $ 5,044 |
Pledged debt securities, at carrying value | $ 70,423 | 80,041 |
Number of securities in an unrealized loss position | securities | 97 | |
Mutual Fund | ||
Schedule Of Equity And Debt Securities [Line Items] | ||
Equity securities, Fair Value | $ 5,479 | $ 5,044 |
Securities - Schedule of Gross
Securities - Schedule of Gross Realized and Unrealized Losses Recognized on Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | ||||
Unrealized gains (losses) on equity securities still held at the reporting date | $ 296 | $ 100 | $ 435 | $ 25 |
Gross realized and unrealized losses recognized on equity securities | $ 296 | $ 100 | $ 435 | $ 25 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost of Securities and Their Estimated Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available for sale securities: | ||
Available for sale securities, Amortized Cost | $ 328,157 | $ 337,988 |
Available for sale securities, Gross Unrealized Gains | 2,153 | 572 |
Available for sale securities, Gross Unrealized Losses | (319) | (2,137) |
Available for sale securities, Fair Value | 329,991 | 336,423 |
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 8,573 | 8,487 |
Held to maturity securities, Fair Value | 7,283 | 7,326 |
U.S. Government Agency Obligations | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 79,774 | 93,500 |
Available for sale securities, Gross Unrealized Gains | 92 | 9 |
Available for sale securities, Gross Unrealized Losses | (189) | (861) |
Available for sale securities, Fair Value | 79,677 | 92,648 |
U.S. Treasury Notes | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 1,956 | |
Available for sale securities, Gross Unrealized Losses | (24) | |
Available for sale securities, Fair Value | 1,932 | |
Mortgage-backed Securities, Residential | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 39,608 | 39,971 |
Available for sale securities, Gross Unrealized Gains | 587 | 222 |
Available for sale securities, Gross Unrealized Losses | (47) | (457) |
Available for sale securities, Fair Value | 40,148 | 39,736 |
Asset Backed Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 8,960 | 10,165 |
Available for sale securities, Gross Unrealized Gains | 11 | |
Available for sale securities, Gross Unrealized Losses | (43) | (31) |
Available for sale securities, Fair Value | 8,917 | 10,145 |
State and Municipal | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 62,086 | 118,826 |
Available for sale securities, Gross Unrealized Gains | 376 | 175 |
Available for sale securities, Gross Unrealized Losses | (29) | (550) |
Available for sale securities, Fair Value | 62,433 | 118,451 |
Corporate Bonds | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 57,631 | 68,804 |
Available for sale securities, Gross Unrealized Gains | 812 | 150 |
Available for sale securities, Gross Unrealized Losses | (1) | (167) |
Available for sale securities, Fair Value | 58,442 | 68,787 |
CLO Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 75,556 | |
Available for sale securities, Gross Unrealized Gains | 203 | |
Available for sale securities, Gross Unrealized Losses | (10) | |
Available for sale securities, Fair Value | 75,749 | |
Held to maturity securities: | ||
Held to maturity securities, Amortized Cost | 8,573 | 8,487 |
Held to maturity securities, Gross Unrealized Losses | (1,290) | (1,161) |
Held to maturity securities, Fair Value | 7,283 | 7,326 |
SBA Pooled Securities | ||
Available for sale securities: | ||
Available for sale securities, Amortized Cost | 4,542 | 4,766 |
Available for sale securities, Gross Unrealized Gains | 83 | 5 |
Available for sale securities, Gross Unrealized Losses | (47) | |
Available for sale securities, Fair Value | $ 4,625 | $ 4,724 |
Securities - Schedule of Amor_2
Securities - Schedule of Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available for Sale Securities, Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 96,566 | |
Due from one year to five years, Amortized Cost | 85,278 | |
Due from five years to ten years, Amortized Cost | 13,725 | |
Due after ten years, Amortized Cost | 79,478 | |
Available for Sale Securities, with single maturity date, Amortized Cost | 275,047 | |
Available for sale securities, Amortized Cost | 328,157 | $ 337,988 |
Available for Sale Securities, Fair Value | ||
Due in one year or less, Fair Value | 96,543 | |
Due from one year to five years, Fair Value | 86,238 | |
Due from five years to ten years, Fair Value | 13,790 | |
Due after ten years, Fair Value | 79,730 | |
Available for Sale Securities, with single maturity date, Fair Value | 276,301 | |
Available for Sale Securities, Fair Value | 329,991 | 336,423 |
Held to Maturity Securities, Amortized Cost | ||
Due from five years to ten years, Amortized Cost | 6,754 | |
Due after ten years, Amortized Cost | 1,819 | |
Held to Maturity Securities, with single maturity date, Amortized Cost | 8,573 | |
Held to maturity securities, Amortized Cost | 8,573 | 8,487 |
Held to Maturity Securities, Fair Value | ||
Due from five years to ten years, Fair Value | 5,631 | |
Due after ten years, Fair Value | 1,652 | |
Held to Maturity Securities, with single maturity date, Fair Value | 7,283 | |
Held to Maturity Securities, Fair Value | 7,283 | 7,326 |
Mortgage-backed Securities, Residential | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 39,608 | |
Available for sale securities, Amortized Cost | 39,608 | 39,971 |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 40,148 | |
Available for Sale Securities, Fair Value | 40,148 | 39,736 |
Asset Backed Securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 8,960 | |
Available for sale securities, Amortized Cost | 8,960 | 10,165 |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 8,917 | |
Available for Sale Securities, Fair Value | 8,917 | 10,145 |
SBA Pooled Securities | ||
Available for Sale Securities, Amortized Cost | ||
Available for Sale Securities, without single maturity date, Amortized Cost | 4,542 | |
Available for sale securities, Amortized Cost | 4,542 | 4,766 |
Available for Sale Securities, Fair Value | ||
Available for Sale Securities, without single maturity date, Fair Value | 4,625 | |
Available for Sale Securities, Fair Value | $ 4,625 | $ 4,724 |
Securities - Schedule of Procee
Securities - Schedule of Proceeds from Sales of Debt Securities and the Associated Gross Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds | $ 3,150 | $ 40,617 | $ 34,196 |
Gross gains | $ 14 | 133 | 5 |
Gross losses | $ (130) | $ (277) |
Securities - Schedule of Inform
Securities - Schedule of Information Pertaining to Debt Securities with Gross Unrealized and Unrecognized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | $ 16,261 | $ 102,352 |
Less than 12 Months, Unrealized Losses | (36) | (568) |
12 Months or More, Fair Value | 69,279 | 117,361 |
12 Months or More, Unrealized Losses | (283) | (1,569) |
Total, Fair Value | 85,540 | 219,713 |
Total, Unrealized Losses | (319) | (2,137) |
U.S. Government Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 17,203 | |
Less than 12 Months, Unrealized Losses | (83) | |
12 Months or More, Fair Value | 51,880 | 72,471 |
12 Months or More, Unrealized Losses | (189) | (778) |
Total, Fair Value | 51,880 | 89,674 |
Total, Unrealized Losses | (189) | (861) |
U.S. Treasury Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
12 Months or More, Fair Value | 1,932 | |
12 Months or More, Unrealized Losses | (24) | |
Total, Fair Value | 1,932 | |
Total, Unrealized Losses | (24) | |
Mortgage-backed Securities, Residential | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 1,345 | 9,334 |
Less than 12 Months, Unrealized Losses | (12) | (97) |
12 Months or More, Fair Value | 6,956 | 13,910 |
12 Months or More, Unrealized Losses | (35) | (360) |
Total, Fair Value | 8,301 | 23,244 |
Total, Unrealized Losses | (47) | (457) |
Asset Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 3,943 | 197 |
Less than 12 Months, Unrealized Losses | (12) | (1) |
12 Months or More, Fair Value | 4,969 | 4,970 |
12 Months or More, Unrealized Losses | (31) | (30) |
Total, Fair Value | 8,912 | 5,167 |
Total, Unrealized Losses | (43) | (31) |
State and Municipal | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 4,223 | 31,142 |
Less than 12 Months, Unrealized Losses | (2) | (201) |
12 Months or More, Fair Value | 5,315 | 22,478 |
12 Months or More, Unrealized Losses | (27) | (349) |
Total, Fair Value | 9,538 | 53,620 |
Total, Unrealized Losses | (29) | (550) |
CLO Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 6,750 | |
Less than 12 Months, Unrealized Losses | (10) | |
Total, Fair Value | 6,750 | |
Total, Unrealized Losses | (10) | |
Held to maturity securities: | ||
Less than 12 Months, Fair Value | 2,813 | 2,861 |
Less than 12 Months, Unrealized Losses | (317) | (242) |
12 Months or More, Fair Value | 4,470 | 4,465 |
12 Months or More, Unrealized Losses | (973) | (919) |
Total, Fair Value | 7,283 | 7,326 |
Total, Unrealized Losses | (1,290) | (1,161) |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 41,874 | |
Less than 12 Months, Unrealized Losses | (166) | |
12 Months or More, Fair Value | 149 | 149 |
12 Months or More, Unrealized Losses | (1) | (1) |
Total, Fair Value | 149 | 42,023 |
Total, Unrealized Losses | (1) | (167) |
SBA Pooled Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 Months, Fair Value | 2,602 | |
Less than 12 Months, Unrealized Losses | (20) | |
12 Months or More, Fair Value | 10 | 1,451 |
12 Months or More, Unrealized Losses | (27) | |
Total, Fair Value | $ 10 | 4,053 |
Total, Unrealized Losses | $ (47) |
Loans and Allowance for Loan _3
Loans and Allowance for Loan and Lease Losses - Schedule of Recorded Investment and Unpaid Principal for Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | $ 3,835,903 | $ 3,608,644 | ||||
Unpaid Principal | 3,853,911 | 3,630,737 | ||||
Difference | (18,008) | (22,093) | ||||
Allowance for loan and lease losses | (29,416) | $ (27,605) | (27,571) | $ (24,547) | $ (20,022) | $ (18,748) |
Loans, net | 3,806,487 | 3,581,073 | ||||
Commercial real estate | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 1,098,279 | 992,080 | ||||
Unpaid Principal | 1,104,946 | 999,887 | ||||
Difference | (6,667) | (7,807) | ||||
Allowance for loan and lease losses | (5,677) | (5,186) | (4,493) | (3,803) | (3,468) | (3,435) |
Construction, land development, land | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 157,861 | 179,591 | ||||
Unpaid Principal | 161,728 | 183,664 | ||||
Difference | (3,867) | (4,073) | ||||
Allowance for loan and lease losses | (1,035) | (906) | (1,134) | (1,025) | (998) | (883) |
1-4 family residential | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 186,070 | 190,185 | ||||
Unpaid Principal | 187,252 | 191,852 | ||||
Difference | (1,182) | (1,667) | ||||
Allowance for loan and lease losses | (409) | (367) | (317) | (240) | (248) | (293) |
Farmland | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 144,594 | 170,540 | ||||
Unpaid Principal | 146,675 | 173,583 | ||||
Difference | (2,081) | (3,043) | ||||
Allowance for loan and lease losses | (590) | (578) | (535) | (509) | (618) | (310) |
Commercial Loans | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 1,257,330 | 1,114,971 | ||||
Unpaid Principal | 1,259,499 | 1,118,028 | ||||
Difference | (2,169) | (3,057) | ||||
Allowance for loan and lease losses | (13,899) | (12,212) | (12,865) | (10,230) | (9,193) | (8,150) |
Factored receivables | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 583,131 | 617,791 | ||||
Unpaid Principal | 585,080 | 620,103 | ||||
Difference | (1,949) | (2,312) | ||||
Allowance for loan and lease losses | (6,861) | (7,495) | (7,299) | (7,727) | (4,493) | (4,597) |
Consumer | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 26,048 | 29,822 | ||||
Unpaid Principal | 26,141 | 29,956 | ||||
Difference | (93) | (134) | ||||
Allowance for loan and lease losses | (563) | (555) | (615) | (670) | (719) | (783) |
Mortgage warehouse | ||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||
Loan, Total | 382,590 | 313,664 | ||||
Unpaid Principal | 382,590 | 313,664 | ||||
Allowance for loan and lease losses | $ (382) | $ (306) | $ (313) | $ (343) | $ (285) | $ (297) |
Loans and Allowance for Loan _4
Loans and Allowance for Loan and Lease Losses - Additional Information (Details) $ in Thousands | Jun. 29, 2019USD ($) | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Premiums and discounts on acquired loans | $ 16,004 | $ 16,004 | $ 19,514 | ||||||
Net deferred origination and factoring fees | 2,004 | 2,004 | 2,579 | ||||||
Pledged loans | 1,041,075 | 1,041,075 | 847,523 | ||||||
Loans transferred to loans held for sale | 6,231 | 6,231 | $ 0 | ||||||
Proceeds from loans transferred to loans held for sale | $ 6,331 | 6,331 | |||||||
Gain (loss) on transfer of loans to loans held for sale | 100 | ||||||||
Recorded investments in troubled debt restructurings | 7,634 | 7,634 | 6,847 | ||||||
Allowance for loan and lease losses | $ 29,416 | $ 24,547 | $ 29,416 | $ 24,547 | $ 27,605 | 27,571 | $ 20,022 | $ 18,748 | |
Number of Loans | loan | 4 | 0 | 6 | 5 | |||||
Number of defaults on modified loans | loan | 7 | 1 | |||||||
Recorded investments in troubled debt restructurings | $ 688 | $ 156 | |||||||
Troubled Debt Restructuring | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Allowance for loan and lease losses | $ 649 | 649 | 286 | ||||||
Other non interest income | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Gain (loss) on transfer of loans to loans held for sale | $ 100 | ||||||||
Factored receivables | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Customer reserves | 56,009 | 56,009 | 58,566 | ||||||
Allowance for loan and lease losses | 6,861 | $ 7,727 | 6,861 | 7,727 | 7,495 | 7,299 | 4,493 | 4,597 | |
1-4 family residential | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Allowance for loan and lease losses | 409 | $ 240 | 409 | $ 240 | $ 367 | $ 317 | $ 248 | $ 293 | |
Number of Loans | loan | 3 | ||||||||
1-4 family residential | Real Eatate Loans | |||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||
Residential real estate loans in process of foreclosure | $ 184 | $ 184 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan and Lease Losses - Summary of Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | $ 27,605 | $ 20,022 | $ 27,571 | $ 18,748 |
Provision for loan losses | 3,681 | 4,906 | 4,695 | 7,454 |
Charge-offs | (2,048) | (567) | (3,229) | (2,033) |
Recoveries | 178 | 186 | 379 | 378 |
Ending Balance | 29,416 | 24,547 | 29,416 | 24,547 |
Commercial real estate | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 5,186 | 3,468 | 4,493 | 3,435 |
Provision for loan losses | 504 | 337 | 1,196 | 370 |
Charge-offs | (13) | (2) | (13) | (2) |
Recoveries | 1 | |||
Ending Balance | 5,677 | 3,803 | 5,677 | 3,803 |
Construction, land development, land | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 906 | 998 | 1,134 | 883 |
Provision for loan losses | 125 | 25 | (110) | 132 |
Charge-offs | (78) | |||
Recoveries | 4 | 2 | 89 | 10 |
Ending Balance | 1,035 | 1,025 | 1,035 | 1,025 |
1-4 family residential | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 367 | 248 | 317 | 293 |
Provision for loan losses | 43 | 4 | 82 | (44) |
Charge-offs | (7) | (14) | (43) | (14) |
Recoveries | 6 | 2 | 53 | 5 |
Ending Balance | 409 | 240 | 409 | 240 |
Farmland | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 578 | 618 | 535 | 310 |
Provision for loan losses | 12 | 91 | 55 | 399 |
Charge-offs | (200) | (200) | ||
Ending Balance | 590 | 509 | 590 | 509 |
Commercial Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 12,212 | 9,193 | 12,865 | 8,150 |
Provision for loan losses | 1,937 | 964 | 2,057 | 2,571 |
Charge-offs | (334) | (1) | (1,114) | (627) |
Recoveries | 84 | 74 | 91 | 136 |
Ending Balance | 13,899 | 10,230 | 13,899 | 10,230 |
Factored receivables | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 7,495 | 4,493 | 7,299 | 4,597 |
Provision for loan losses | 799 | 3,317 | 988 | 3,786 |
Charge-offs | (1,463) | (116) | (1,472) | (700) |
Recoveries | 30 | 33 | 46 | 44 |
Ending Balance | 6,861 | 7,727 | 6,861 | 7,727 |
Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 555 | 719 | 615 | 783 |
Provision for loan losses | 185 | 110 | 358 | 194 |
Charge-offs | (231) | (234) | (509) | (490) |
Recoveries | 54 | 75 | 99 | 183 |
Ending Balance | 563 | 670 | 563 | 670 |
Mortgage warehouse | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning Balance | 306 | 285 | 313 | 297 |
Provision for loan losses | 76 | 58 | 69 | 46 |
Ending Balance | $ 382 | $ 343 | $ 382 | $ 343 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan and Lease Losses - Summary of Individual and Collective Allowance for Loan Losses and Loan Balances by Class (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | $ 40,678 | $ 41,212 | ||||
Loan Evaluation, Collectively | 3,776,880 | 3,547,364 | ||||
Loans | 3,835,903 | 3,608,644 | ||||
ALLL Allocations, Individually | 5,118 | 4,653 | ||||
ALLL Allocations, Collectively | 24,294 | 22,914 | ||||
ALLL Allocations, Total ALLL | 29,416 | $ 27,605 | 27,571 | $ 24,547 | $ 20,022 | $ 18,748 |
Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 18,345 | 20,068 | ||||
ALLL Allocations, PCI | 4 | 4 | ||||
Commercial real estate | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 6,747 | 7,097 | ||||
Loan Evaluation, Collectively | 1,081,409 | 974,280 | ||||
Loans | 1,098,279 | 992,080 | ||||
ALLL Allocations, Individually | 522 | 487 | ||||
ALLL Allocations, Collectively | 5,155 | 4,006 | ||||
ALLL Allocations, Total ALLL | 5,677 | 5,186 | 4,493 | 3,803 | 3,468 | 3,435 |
Commercial real estate | Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 10,123 | 10,703 | ||||
Construction, land development, land | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 1,016 | 91 | ||||
Loan Evaluation, Collectively | 150,205 | 172,709 | ||||
Loans | 157,861 | 179,591 | ||||
ALLL Allocations, Individually | 21 | 21 | ||||
ALLL Allocations, Collectively | 1,014 | 1,113 | ||||
ALLL Allocations, Total ALLL | 1,035 | 906 | 1,134 | 1,025 | 998 | 883 |
Construction, land development, land | Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 6,640 | 6,791 | ||||
1-4 family residential | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 2,386 | 2,333 | ||||
Loan Evaluation, Collectively | 183,155 | 186,664 | ||||
Loans | 186,070 | 190,185 | ||||
ALLL Allocations, Individually | 142 | 125 | ||||
ALLL Allocations, Collectively | 267 | 192 | ||||
ALLL Allocations, Total ALLL | 409 | 367 | 317 | 240 | 248 | 293 |
1-4 family residential | Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 529 | 1,188 | ||||
Farmland | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 6,525 | 7,424 | ||||
Loan Evaluation, Collectively | 137,962 | 162,735 | ||||
Loans | 144,594 | 170,540 | ||||
ALLL Allocations, Individually | 72 | 72 | ||||
ALLL Allocations, Collectively | 518 | 463 | ||||
ALLL Allocations, Total ALLL | 590 | 578 | 535 | 509 | 618 | 310 |
Farmland | Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 107 | 381 | ||||
Commercial Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 14,802 | 17,153 | ||||
Loan Evaluation, Collectively | 1,241,582 | 1,096,813 | ||||
Loans | 1,257,330 | 1,114,971 | ||||
ALLL Allocations, Individually | 2,016 | 1,958 | ||||
ALLL Allocations, Collectively | 11,879 | 10,903 | ||||
ALLL Allocations, Total ALLL | 13,899 | 12,212 | 12,865 | 10,230 | 9,193 | 8,150 |
Commercial Loans | Purchased Credit Impaired Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans | 946 | 1,005 | ||||
ALLL Allocations, PCI | 4 | 4 | ||||
Factored receivables | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 8,754 | 6,759 | ||||
Loan Evaluation, Collectively | 574,377 | 611,032 | ||||
Loans | 583,131 | 617,791 | ||||
ALLL Allocations, Individually | 2,336 | 1,968 | ||||
ALLL Allocations, Collectively | 4,525 | 5,331 | ||||
ALLL Allocations, Total ALLL | 6,861 | 7,495 | 7,299 | 7,727 | 4,493 | 4,597 |
Consumer | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Individually | 448 | 355 | ||||
Loan Evaluation, Collectively | 25,600 | 29,467 | ||||
Loans | 26,048 | 29,822 | ||||
ALLL Allocations, Individually | 9 | 22 | ||||
ALLL Allocations, Collectively | 554 | 593 | ||||
ALLL Allocations, Total ALLL | 563 | 555 | 615 | 670 | 719 | 783 |
Mortgage warehouse | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan Evaluation, Collectively | 382,590 | 313,664 | ||||
Loans | 382,590 | 313,664 | ||||
ALLL Allocations, Collectively | 382 | 313 | ||||
ALLL Allocations, Total ALLL | $ 382 | $ 306 | $ 313 | $ 343 | $ 285 | $ 297 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan and Lease Losses - Summary of Information Pertaining to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | $ 15,546 | $ 15,546 | $ 18,968 | ||
Unpaid Principal, With Valuation Allowance | 15,545 | 15,545 | 18,946 | ||
Related Allowance, With Valuation Allowance | 5,122 | 5,122 | 4,657 | ||
Recorded Investment, Without Valuation Allowance | 25,203 | 25,203 | 22,315 | ||
Unpaid Principal, Without Valuation Allowance | 25,936 | 25,936 | 23,139 | ||
Average Impaired Loans | 39,441 | $ 43,252 | 41,016 | $ 42,718 | |
Interest Recognized | 177 | 192 | 275 | 692 | |
Purchased Credit Impaired Loans | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 71 | 71 | 71 | ||
Unpaid Principal, With Valuation Allowance | 55 | 55 | 55 | ||
Related Allowance, With Valuation Allowance | 4 | 4 | 4 | ||
Average Impaired Loans | 71 | 40 | 71 | 40 | |
Commercial real estate | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 974 | 974 | 5,610 | ||
Unpaid Principal, With Valuation Allowance | 997 | 997 | 5,614 | ||
Related Allowance, With Valuation Allowance | 522 | 522 | 487 | ||
Recorded Investment, Without Valuation Allowance | 5,773 | 5,773 | 1,487 | ||
Unpaid Principal, Without Valuation Allowance | 5,897 | 5,897 | 1,520 | ||
Average Impaired Loans | 7,165 | 3,378 | 6,922 | 3,443 | |
Interest Recognized | 50 | 6 | 50 | 6 | |
Construction, land development, land | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 91 | 91 | 91 | ||
Unpaid Principal, With Valuation Allowance | 91 | 91 | 91 | ||
Related Allowance, With Valuation Allowance | 21 | 21 | 21 | ||
Recorded Investment, Without Valuation Allowance | 925 | 925 | |||
Unpaid Principal, Without Valuation Allowance | 1,028 | 1,028 | |||
Average Impaired Loans | 1,018 | 140 | 553 | 138 | |
1-4 family residential | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 219 | 219 | 225 | ||
Unpaid Principal, With Valuation Allowance | 201 | 201 | 216 | ||
Related Allowance, With Valuation Allowance | 142 | 142 | 125 | ||
Recorded Investment, Without Valuation Allowance | 2,167 | 2,167 | 2,108 | ||
Unpaid Principal, Without Valuation Allowance | 2,285 | 2,285 | 2,255 | ||
Average Impaired Loans | 1,907 | 2,251 | 2,360 | 2,404 | |
Interest Recognized | 11 | 2 | 12 | 4 | |
Farmland | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 914 | 914 | 914 | ||
Unpaid Principal, With Valuation Allowance | 900 | 900 | 900 | ||
Related Allowance, With Valuation Allowance | 72 | 72 | 72 | ||
Recorded Investment, Without Valuation Allowance | 5,611 | 5,611 | 6,510 | ||
Unpaid Principal, Without Valuation Allowance | 5,846 | 5,846 | 6,979 | ||
Average Impaired Loans | 6,520 | 3,834 | 6,974 | 3,657 | |
Interest Recognized | 45 | 10 | 90 | 17 | |
Commercial Loans | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 4,502 | 4,502 | 5,235 | ||
Unpaid Principal, With Valuation Allowance | 4,527 | 4,527 | 5,254 | ||
Related Allowance, With Valuation Allowance | 2,016 | 2,016 | 1,958 | ||
Recorded Investment, Without Valuation Allowance | 10,300 | 10,300 | 11,918 | ||
Unpaid Principal, Without Valuation Allowance | 10,453 | 10,453 | 12,089 | ||
Average Impaired Loans | 13,800 | 29,088 | 15,978 | 28,047 | |
Interest Recognized | 69 | 174 | 121 | 664 | |
Factored receivables | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 8,754 | 8,754 | 6,759 | ||
Unpaid Principal, With Valuation Allowance | 8,754 | 8,754 | 6,759 | ||
Related Allowance, With Valuation Allowance | 2,336 | 2,336 | 1,968 | ||
Average Impaired Loans | 8,537 | 4,175 | 7,756 | 4,666 | |
Consumer | |||||
Financing Receivable Impaired [Line Items] | |||||
Recorded Investment, With Valuation Allowance | 21 | 21 | 63 | ||
Unpaid Principal, With Valuation Allowance | 20 | 20 | 57 | ||
Related Allowance, With Valuation Allowance | 9 | 9 | 22 | ||
Recorded Investment, Without Valuation Allowance | 427 | 427 | 292 | ||
Unpaid Principal, Without Valuation Allowance | 427 | 427 | $ 296 | ||
Average Impaired Loans | 423 | $ 346 | 402 | 323 | |
Interest Recognized | $ 2 | $ 2 | $ 1 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan and Lease Losses - Summary of Contractually Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | $ 38,536 | $ 52,695 |
Past Due 90 Days or More Still Accruing | 5,462 | 3,559 |
Nonaccrual | 29,014 | 30,785 |
Total Past Due | 73,012 | 87,039 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 4 | 788 |
Nonaccrual | 3,166 | 3,525 |
Total Past Due | 3,170 | 4,313 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 2,405 | 2,625 |
Past Due 90 Days or More Still Accruing | 397 | |
Nonaccrual | 6,749 | 7,096 |
Total Past Due | 9,154 | 10,118 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 229 | 1,003 |
Nonaccrual | 1,016 | 91 |
Total Past Due | 1,245 | 1,094 |
1-4 family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 1,973 | 2,103 |
Past Due 90 Days or More Still Accruing | 18 | |
Nonaccrual | 2,310 | 1,588 |
Total Past Due | 4,301 | 3,691 |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 1,622 | 308 |
Nonaccrual | 3,064 | 4,059 |
Total Past Due | 4,686 | 4,367 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 5,638 | 3,728 |
Past Due 90 Days or More Still Accruing | 999 | |
Nonaccrual | 12,261 | 14,071 |
Total Past Due | 17,899 | 18,798 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 25,983 | 41,135 |
Past Due 90 Days or More Still Accruing | 5,441 | 2,152 |
Total Past Due | 31,424 | 43,287 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
30-89 Days Past Due | 682 | 1,005 |
Past Due 90 Days or More Still Accruing | 3 | 11 |
Nonaccrual | 448 | 355 |
Total Past Due | $ 1,133 | $ 1,371 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan and Lease Losses - Schedule of Nonperforming Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | $ 29,014 | $ 30,785 | |
Past Due 90 Days or More Still Accruing | 5,462 | 3,559 | |
Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Past Due 90 Days or More Still Accruing | 5,441 | 2,152 | |
Nonperforming Loans | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | [1] | 29,014 | 30,785 |
Troubled debt restructurings accruing interest | 2,355 | 3,117 | |
Total loans | 36,810 | 36,054 | |
Nonperforming Loans | Factored receivables | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Past Due 90 Days or More Still Accruing | $ 5,441 | $ 2,152 | |
[1] |
Loans and Allowance for Loan_10
Loans and Allowance for Loan and Lease Losses - Schedule of Nonperforming Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | $ 29,014 | $ 30,785 |
Troubled Debt Restructuring | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual loans | $ 5,279 | $ 3,730 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan and Lease Losses - Summary of Analysis Performed Risk category Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 3,835,903 | $ 3,608,644 |
Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,098,279 | 992,080 |
Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 157,861 | 179,591 |
1-4 family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 186,070 | 190,185 |
Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 144,594 | 170,540 |
Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,257,330 | 1,114,971 |
Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 583,131 | 617,791 |
Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 26,048 | 29,822 |
Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 382,590 | 313,664 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 18,345 | 20,068 |
Purchased Credit Impaired Loans | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 10,123 | 10,703 |
Purchased Credit Impaired Loans | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 6,640 | 6,791 |
Purchased Credit Impaired Loans | 1-4 family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 529 | 1,188 |
Purchased Credit Impaired Loans | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 107 | 381 |
Purchased Credit Impaired Loans | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 946 | 1,005 |
Pass | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 3,774,398 | 3,548,534 |
Pass | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,082,031 | 977,548 |
Pass | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 150,205 | 172,709 |
Pass | 1-4 family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 183,141 | 187,251 |
Pass | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 136,525 | 161,565 |
Pass | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,239,385 | 1,093,759 |
Pass | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 574,926 | 612,577 |
Pass | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 25,595 | 29,461 |
Pass | Mortgage warehouse | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 382,590 | 313,664 |
Classified | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 43,160 | 40,042 |
Classified | Commercial real estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 6,125 | 3,829 |
Classified | Construction, land development, land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 1,016 | 91 |
Classified | 1-4 family residential | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 2,400 | 1,746 |
Classified | Farmland | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 7,962 | 8,594 |
Classified | Commercial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 16,999 | 20,207 |
Classified | Factored receivables | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 8,205 | 5,214 |
Classified | Consumer | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 453 | $ 361 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan and Lease Losses - Schedule of Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | $ 6,286 | $ 6,370 | $ 185 | |
Number of Loans | loan | 4 | 0 | 6 | 5 |
Extended Amortization Period | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | $ 1,096 | $ 1,096 | $ 185 | |
Payment Deferrals | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | 84 | |||
AB Note Restructure | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | 4,597 | 4,597 | ||
Interest Rate Reduction | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | 593 | 593 | ||
Commercial real estate | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | $ 4,597 | $ 4,597 | ||
Number of Loans | loan | 1 | 1 | ||
Commercial real estate | AB Note Restructure | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | $ 4,597 | $ 4,597 | ||
Commercial Loans | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | $ 1,689 | $ 1,773 | $ 75 | |
Number of Loans | loan | 3 | 5 | 2 | |
Commercial Loans | Extended Amortization Period | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | $ 1,096 | $ 1,096 | $ 75 | |
Commercial Loans | Payment Deferrals | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | 84 | |||
Commercial Loans | Interest Rate Reduction | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | $ 593 | $ 593 | ||
1-4 family residential | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | $ 110 | |||
Number of Loans | loan | 3 | |||
1-4 family residential | Extended Amortization Period | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total Modifications | $ 110 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan and Lease Losses - Schedule of Outstanding Contractually Required Principal and Interest and Carrying Amount of PCI Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | $ 24,676 | $ 26,722 |
Loans | 3,835,903 | 3,608,644 |
Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 21,524 | 22,644 |
Commercial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding contractually required principal and interest | 3,152 | 4,078 |
Loans | 1,257,330 | 1,114,971 |
Purchased Credit Impaired Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | 18,345 | 20,068 |
Purchased Credit Impaired Loans | Commercial | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans | $ 946 | $ 1,005 |
Loans and Allowance for Loan_14
Loans and Allowance for Loan and Lease Losses - Schedule of Changes in Accretable Yield for the PCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Accretable yield, beginning balance | $ 5,283 | $ 2,442 | $ 5,711 | $ 2,793 |
Accretion | (358) | (354) | (768) | (738) |
Reclassification from nonaccretable to accretable yield | 14 | 17 | 14 | 50 |
Disposals | (146) | (164) | ||
Accretable yield, ending balance | $ 4,793 | $ 2,105 | $ 4,793 | $ 2,105 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Leases [Abstract] | |||
Operating lease liability | $ 22,393,000 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesMember | ||
Operating lease right-of-use asset | $ 22,493,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsMember | ||
Remaining lease term | 6 years 10 months 24 days | ||
Discount rate (as a percent) | 3.40% | ||
Operating Leases, Rent Expense | $ 700,000 | $ 1,299,000 | |
Sale and Leaseback Transactions, Leveraged Leases, or Lease Transactions with Related Parties | $ 0 | ||
Lessee, operating lease that not yet commenced, description | the Company did not have any leases that had not yet commenced |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,115 | $ 2,168 |
Variable lease cost | 82 | 196 |
Total lease cost | $ 1,197 | $ 2,364 |
Leases - Schedule of Total Oper
Leases - Schedule of Total Operating Lease Liability (Details) | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Within one year | $ 4,008,000 |
After one but within two years | 4,108,000 |
After two but within three years | 3,773,000 |
After three but within four years | 3,325,000 |
After four but within five years | 2,999,000 |
After five years | 7,048,000 |
Total undiscounted cash flows | 25,261,000 |
Discount on cash flows | (2,868,000) |
Operating lease liability | $ 22,393,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 158,743 | $ 158,743 |
Finite-Lived Intangible Assets, Gross Carrying Amount | 59,278 | 59,278 |
Finite-Lived Intangible Assets, Accumulated Amortization | (23,353) | (18,604) |
Finite-Lived Intangible Assets, Net Carrying Amount | 35,925 | 40,674 |
Core Deposit Intangibles | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 43,578 | 43,578 |
Finite-Lived Intangible Assets, Accumulated Amortization | (19,368) | (16,266) |
Finite-Lived Intangible Assets, Net Carrying Amount | 24,210 | 27,312 |
Other Intangible Assets | ||
Goodwill And Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross Carrying Amount | 15,700 | 15,700 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,985) | (2,338) |
Finite-Lived Intangible Assets, Net Carrying Amount | $ 11,715 | $ 13,362 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Changes in Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Goodwill and intangible assets, beginning | $ 197,015 | $ 63,923 | $ 199,417 | $ 63,778 |
Acquired goodwill | 42,975 | 42,975 | ||
Goodwill measurement period adjustment | (1,680) | |||
Acquired intangibles | 13,920 | 13,935 | ||
Divestiture | (433) | |||
Amortization of intangibles | (2,347) | (1,361) | (4,749) | (2,478) |
Goodwill and intangible assets, ending | $ 194,668 | $ 117,777 | $ 194,668 | $ 117,777 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Closed Collateralized Loan Obligation ("CLO") Funds (Details) - Collateralized Loan Obligation Funds - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 20, 2017 | Sep. 22, 2016 | Jun. 02, 2016 | |
Trinitas IV | ||||
Variable Interest Entity [Line Items] | ||||
Offering Amount | $ 406,650 | |||
Offering Date | Jun. 2, 2016 | |||
Trinitas V | ||||
Variable Interest Entity [Line Items] | ||||
Offering Amount | $ 409,000 | |||
Offering Date | Sep. 22, 2016 | |||
Trinitas VI | ||||
Variable Interest Entity [Line Items] | ||||
Offering Amount | $ 717,100 | |||
Offering Date | Jun. 20, 2017 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information - (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Held to maturity security | $ 8,573 | $ 8,487 |
Collateralized Loan Obligation Funds | ||
Variable Interest Entity [Line Items] | ||
Held to maturity security | $ 8,573 | $ 8,487 |
Off-Balance Sheet Loan Commit_3
Off-Balance Sheet Loan Commitments - Summary of Financial Instruments with Off-Balance Sheet Risk - (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Unused Lines of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, Fixed Rate | $ 58,057 | $ 69,053 |
Financial instruments, off balance sheet risk, Variable Rate | 424,739 | 433,667 |
Financial instruments, off balance sheet risk | 482,796 | 502,720 |
Commitments to Purchase Loans | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, Variable Rate | 29,000 | |
Financial instruments, off balance sheet risk | 29,000 | |
Mortgage Warehouse Commitments | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, Variable Rate | 262,226 | 266,458 |
Financial instruments, off balance sheet risk | 262,226 | 266,458 |
Standby Letters of Credit | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Financial instruments, off balance sheet risk, Fixed Rate | 5,012 | 2,285 |
Financial instruments, off balance sheet risk, Variable Rate | 4,815 | 3,931 |
Financial instruments, off balance sheet risk | $ 9,827 | $ 6,216 |
Off-Balance Sheet Loan Commit_4
Off-Balance Sheet Loan Commitments - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Overdraft protection available amounts | $ 2,734,000 | $ 3,087,000 |
Other Liabilities | ||
Fair Value Off Balance Sheet Risks Disclosure Information [Line Items] | ||
Allowance for loan and lease losses on off-balance sheet lending-related commitments | $ 504,000 | $ 538,000 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Securities available for sale | ||
Securities available for sale | $ 329,991 | $ 336,423 |
Equity securities | ||
Equity securities | 5,479 | 5,044 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 329,991 | 336,423 |
Loans held for sale | ||
Loans held for sale | 2,877 | 2,106 |
Mutual Fund | ||
Equity securities | ||
Equity securities | 5,479 | 5,044 |
Mutual Fund | Fair Value, Measurements, Recurring [Member] | ||
Equity securities | ||
Equity securities | 5,479 | 5,044 |
US Government Agency Obligations [Member] | ||
Securities available for sale | ||
Securities available for sale | 79,677 | 92,648 |
US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 79,677 | 92,648 |
Mortgage-backed Securities, Residential | ||
Securities available for sale | ||
Securities available for sale | 40,148 | 39,736 |
Mortgage-backed Securities, Residential | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 40,148 | 39,736 |
Asset Backed Securities | ||
Securities available for sale | ||
Securities available for sale | 8,917 | 10,145 |
Asset Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 8,917 | 10,145 |
State and Municipal | ||
Securities available for sale | ||
Securities available for sale | 62,433 | 118,451 |
State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 62,433 | 118,451 |
CLO Securities | ||
Securities available for sale | ||
Securities available for sale | 75,749 | |
CLO Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 75,749 | |
Corporate Bonds | ||
Securities available for sale | ||
Securities available for sale | 58,442 | 68,787 |
Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 58,442 | 68,787 |
SBA Pooled Securities | ||
Securities available for sale | ||
Securities available for sale | 4,625 | 4,724 |
SBA Pooled Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 4,625 | 4,724 |
ICC Contingent Consideration | Fair Value, Measurements, Recurring [Member] | ||
Contingent Consideration | ||
Fair value of consideration paid included contingent consideration | 21,302 | 20,745 |
U.S. Treasury Notes | ||
Securities available for sale | ||
Securities available for sale | 1,932 | |
U.S. Treasury Notes | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 1,932 | |
Level 1 | Mutual Fund | Fair Value, Measurements, Recurring [Member] | ||
Equity securities | ||
Equity securities | 5,479 | 5,044 |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 329,991 | 336,423 |
Loans held for sale | ||
Loans held for sale | 2,877 | 2,106 |
Level 2 | US Government Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 79,677 | 92,648 |
Level 2 | Mortgage-backed Securities, Residential | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 40,148 | 39,736 |
Level 2 | Asset Backed Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 8,917 | 10,145 |
Level 2 | State and Municipal | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 62,433 | 118,451 |
Level 2 | CLO Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 75,749 | |
Level 2 | Corporate Bonds | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 58,442 | 68,787 |
Level 2 | SBA Pooled Securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 4,625 | 4,724 |
Level 2 | U.S. Treasury Notes | Fair Value, Measurements, Recurring [Member] | ||
Securities available for sale | ||
Securities available for sale | 1,932 | |
Level 3 | ICC Contingent Consideration | Fair Value, Measurements, Recurring [Member] | ||
Contingent Consideration | ||
Fair value of consideration paid included contingent consideration | $ 21,302 | $ 20,745 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Details) | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 02, 2018USD ($) | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities, fair value disclosure | $ 0 | $ 0 | |
Minimum | Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Selling and closing costs for loans as a percentage of appraised value | 5.00% | ||
Real estate selling and closing costs as a percentage of appraised value | 5.00% | ||
Maximum | Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Selling and closing costs for loans as a percentage of appraised value | 8.00% | ||
Real estate selling and closing costs as a percentage of appraised value | 8.00% | ||
Interstate Capital Corporation | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Final contingent consideration payout | $ 22,000,000 | $ 22,000,000 | |
Interstate Capital Corporation | Minimum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Final contingent consideration payout | $ 0 | ||
Interstate Capital Corporation | Maximum | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Final contingent consideration payout | $ 22,000,000 | ||
Measurement Input Discount Rate | Interstate Capital Corporation | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Contingent consideration fair value discount rate | 0.022 | 0.029 |
Fair Value Disclosures - Reconc
Fair Value Disclosures - Reconciliation of Opening Balance to Closing Balance of Fair Value of Contingent Consideration (Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 21,006 | $ 20,745 | ||
Contingent consideration recognized in business combination | $ 20,000 | $ 20,000 | ||
Change in fair value of contingent consideration recognized in earnings | 296 | 557 | ||
Ending balance | $ 21,302 | $ 20,000 | $ 21,302 | $ 20,000 |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value of Assets Measured on Non-recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 10,894 | $ 15,406 |
Impaired Loans | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 452 | 5,123 |
Impaired Loans | Construction, land development, land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 70 | 70 |
Impaired Loans | 1-4 family residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 77 | 100 |
Impaired Loans | Farmland | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 842 | 842 |
Impaired Loans | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,486 | 3,277 |
Impaired Loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 6,418 | 4,791 |
Impaired Loans | Consumer | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 12 | 41 |
Impaired Loans | PCI | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 67 | 67 |
Other real estate owned | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 230 | 1,095 |
Other real estate owned | 1-4 family residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 240 | |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 10,894 | 15,406 |
Level 3 | Impaired Loans | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 452 | 5,123 |
Level 3 | Impaired Loans | Construction, land development, land | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 70 | 70 |
Level 3 | Impaired Loans | 1-4 family residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 77 | 100 |
Level 3 | Impaired Loans | Farmland | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 842 | 842 |
Level 3 | Impaired Loans | Commercial Loans | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,486 | 3,277 |
Level 3 | Impaired Loans | Factored receivables | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 6,418 | 4,791 |
Level 3 | Impaired Loans | Consumer | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 12 | 41 |
Level 3 | Impaired Loans | PCI | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 67 | 67 |
Level 3 | Other real estate owned | Commercial real estate | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 230 | $ 1,095 |
Level 3 | Other real estate owned | 1-4 family residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 240 |
Fair Value Disclosures - Estima
Fair Value Disclosures - Estimated Fair Value of Company's Financial Assets and Financial Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Financial assets: | ||||
Cash and cash equivalents, Fair Value | $ 209,305 | $ 234,939 | ||
Securities - Held to maturity, Fair value | 7,283 | 7,326 | ||
Loans not previously presented Fair Value | 3,810,015 | 3,505,724 | ||
Accrued interest receivable, Fair Value | 19,963 | 19,094 | ||
Cash and cash equivalents, Carrying Amount | 209,305 | 234,939 | $ 133,365 | $ 134,129 |
Securities - held to maturity, Carrying Amount | 8,573 | 8,487 | ||
Loans not previously presented Carrying Amount | 3,820,357 | 3,589,676 | ||
FHLB stock, Carrying Amount | 18,037 | 15,943 | ||
Accrued interest receivable, Carrying Amount | 19,963 | 19,094 | ||
Financial liabilities: | ||||
Deposits, Fair Value | 3,662,047 | 3,440,570 | ||
Customer repurchase agreements, Fair Value | 12,788 | 4,485 | ||
Federal Home Loan Bank advances, Fair Value | 305,000 | 330,000 | ||
Subordinated notes, Fair Value | 52,500 | 50,500 | ||
Junior subordinated debentures, Fair Value | 40,549 | 40,808 | ||
Accrued interest payable, Fair Value | 9,030 | 6,722 | ||
Deposits, Carrying Amount | 3,658,978 | 3,450,349 | ||
Customer repurchase agreements, Carrying Amount | 12,788 | 4,485 | ||
Federal Home Loan Bank advances, Carrying Amount | 305,000 | 330,000 | ||
Subordinated notes, Carrying Amount | 48,983 | 48,929 | ||
Junior subordinated debentures, Carrying Amount | 39,320 | 39,083 | ||
Accrued interest payable, Carrying Amount | 9,030 | 6,722 | ||
Level 1 | ||||
Financial assets: | ||||
Cash and cash equivalents, Fair Value | 209,305 | 234,939 | ||
Accrued interest receivable, Fair Value | 19,963 | 19,094 | ||
Financial liabilities: | ||||
Accrued interest payable, Fair Value | 9,030 | 6,722 | ||
Level 2 | ||||
Financial liabilities: | ||||
Deposits, Fair Value | 3,662,047 | 3,440,570 | ||
Customer repurchase agreements, Fair Value | 12,788 | 4,485 | ||
Federal Home Loan Bank advances, Fair Value | 305,000 | 330,000 | ||
Subordinated notes, Fair Value | 52,500 | 50,500 | ||
Junior subordinated debentures, Fair Value | 40,549 | 40,808 | ||
Level 3 | ||||
Financial assets: | ||||
Securities - Held to maturity, Fair value | 7,283 | 7,326 | ||
Loans not previously presented Fair Value | $ 3,810,015 | $ 3,505,724 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual Capital Amounts and Ratios (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Triumph Bancorp Inc | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to Risk Weighted Assets) Actual Amount | $ 566,636 | $ 552,398 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 12.90% | 13.40% |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 351,402 | $ 330,970 |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 487,733 | $ 475,359 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 11.10% | 11.50% |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 263,639 | $ 248,227 |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 448,413 | $ 436,276 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 10.20% | 10.50% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 197,829 | $ 186,170 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 Capital (to Average Assets) Actual Amount | $ 487,733 | $ 475,359 |
Tier 1 Capital (to Average Assets) Actual Ratio | 10.80% | 11.10% |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount | $ 180,642 | $ 171,619 |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
TBK Bank SSB | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total capital (to Risk Weighted Assets) Actual Amount | $ 526,237 | $ 496,526 |
Total Capital (to Risk Weighted Assets) Actual Ratio | 12.30% | 12.40% |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 342,268 | $ 320,856 |
Total Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 427,835 | $ 401,071 |
Total Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 496,323 | $ 468,500 |
Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 11.60% | 11.70% |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 256,719 | $ 240,642 |
Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 342,292 | $ 320,856 |
Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Amount | $ 496,323 | $ 468,500 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Actual Ratio | 11.60% | 11.70% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Amount | $ 192,539 | $ 180,482 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) Minimum for Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 278,112 | $ 260,696 |
Common Equity Tier 1 Capital (to Risk Weighted Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets) Actual Amount | $ 496,323 | $ 468,500 |
Tier 1 Capital (to Average Assets) Actual Ratio | 11.10% | 11.00% |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Amount | $ 178,855 | $ 170,092 |
Tier 1 Capital (to Average Assets) Minimum for Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 223,569 | $ 212,615 |
Tier 1 Capital (to Average Assets) To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | ||
Capital conservation buffer rate in 2016 | 0.625% | |
Capital conservation buffer rate increase in 2017 | 0.625% | |
Capital conservation buffer rate increase in 2018 | 0.625% | |
Capital conservation buffer rate in 2019 | 2.50% | |
Capital conservation buffer rate | 2.50% | 1.875% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Capital Structure (Details) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Shares authorized | 50,000,000 | 50,000,000 |
Shares issued | 27,147,933 | 27,053,999 |
Treasury shares | (949,625) | (104,063) |
Shares outstanding | 26,198,308 | 26,949,936 |
Par value per share | $ 0.01 | $ 0.01 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | Oct. 26, 2018USD ($)shares | Apr. 12, 2018USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)shares | Jul. 17, 2019USD ($) | Dec. 31, 2018shares | Oct. 29, 2018USD ($) |
Class Of Stock [Line Items] | ||||||||||
Stock issued during period shares | 5,405,000 | |||||||||
Shares issued price per share | $ / shares | $ 37.50 | |||||||||
Gross proceeds from issuance of common stock | $ | $ 202,688,000 | |||||||||
Net proceeds after underwriting discounts and offering expenses | $ | $ 192,053,000 | $ 192,053,000 | ||||||||
Shares repurchased value and held into treasury stock | $ | $ 17,559,000 | $ 7,553,000 | $ 392,000 | |||||||
Number of shares repurchased under stock repurchase program | 0 | |||||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||||
Series A Preferred Stock | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized | 50,000 | 50,000 | ||||||||
Number of preferred stock converted | 45,500 | |||||||||
Liquidation preference value | $ | $ 4,550,000 | |||||||||
Common stock issued upon conversion | 315,773 | |||||||||
Conversion ratio - preferred to common | 6.94008 | |||||||||
Series B Preferred Stock | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized | 115,000 | 115,000 | ||||||||
Number of preferred stock converted | 51,076 | |||||||||
Liquidation preference value | $ | $ 5,108,000 | |||||||||
Common stock issued upon conversion | 354,463 | |||||||||
Conversion ratio - preferred to common | 6.94008 | |||||||||
Share Repurchase Program Authorized On October 29, 2018 | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Shares repurchased and held into treasury stock | 590,829 | 838,141 | ||||||||
Shares repurchased value and held into treasury stock | $ | $ 17,384,000 | $ 24,930,000 | ||||||||
Shares repurchased, average price per share | $ / shares | $ 29.42 | $ 29.74 | ||||||||
Maximum | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Amount authorized under stock repurchase program | $ | $ 25,000,000 | |||||||||
Maximum | Subsequent event | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Amount authorized under stock repurchase program | $ | $ 25,000,000 | |||||||||
Over-Allotment Option | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Stock issued during period shares | 705,000 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation | $ 825 | $ 567 | $ 1,736 | $ 1,053 | |
2014 Omnibus Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares approved for issuance | 2,000,000 | ||||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | 3,561 | $ 3,561 | |||
Weighted-average period to recognize cost | 3 years 4 months 20 days | ||||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 3 years | ||||
2014 Omnibus Incentive Plan | Restricted Stock Awards (RSAs) | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 4 years | ||||
2014 Omnibus Incentive Plan | Restricted Stock Units (RSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | 1,735 | $ 1,735 | |||
Weighted-average period to recognize cost | 3 years 10 months 2 days | ||||
Stock based compensation, award vesting period | 5 years | ||||
2014 Omnibus Incentive Plan | Performance Stock Units (PSUs) | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | 2,127 | $ 2,127 | |||
Weighted-average period to recognize cost | 3 years 7 months 24 days | ||||
2014 Omnibus Incentive Plan | Performance Stock Units (PSUs) | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 3 years | ||||
Stock based compensation, award vesting percentage | 0.00% | ||||
2014 Omnibus Incentive Plan | Performance Stock Units (PSUs) | Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock based compensation, award vesting period | 5 years | ||||
Stock based compensation, award vesting percentage | 175.00% | ||||
2014 Omnibus Incentive Plan | Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted-average period to recognize cost | 2 years 10 months 13 days | ||||
Stock based compensation, award vesting period | 4 years | ||||
Employees stock options contractual terms | 10 years | ||||
Total unrecognized compensation cost | $ 584 | $ 584 | |||
2019 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance | 2,500,000 | 2,500,000 | |||
Purchase price of common stock, percentage | 85.00% |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Changes in Company's Nonvested Restricted Stock Awards (Details) - Restricted Stock Awards (RSAs) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested Shares, Beginning balance | shares | 101,213 |
Nonvested Shares, Granted | shares | 93,566 |
Nonvested Shares, Vested | shares | (36,612) |
Nonvested Shares, Forfeited | shares | (2,196) |
Nonvested Shares, Ending balance | shares | 155,971 |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance | $ / shares | $ 31.47 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted | $ / shares | 30.98 |
Weighted-Average Grant-Date Fair Value, Nonvested, Vested | $ / shares | 27.68 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited | $ / shares | 31.52 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance | $ / shares | $ 32.07 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Changes in Company's Nonvested Restricted Stock Units (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested Shares, Beginning balance | shares | 59,658 |
Nonvested Shares, Forfeited | shares | (1,258) |
Nonvested Shares, Ending balance | shares | 58,400 |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance | $ / shares | $ 38.75 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited | $ / shares | 38.75 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance | $ / shares | $ 38.75 |
Stock Based Compensation - Su_3
Stock Based Compensation - Summary of Changes in Company's Nonvested Performance Stock Units (Details) - Performance Stock Units (PSUs) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Nonvested Shares, Beginning balance | shares | 59,658 |
Nonvested Shares, Granted | shares | 12,479 |
Nonvested Shares, Forfeited | shares | (1,258) |
Nonvested Shares, Ending balance | shares | 70,879 |
Weighted-Average Grant-Date Fair Value, Nonvested, Beginning balance | $ / shares | $ 38.57 |
Weighted-Average Grant-Date Fair Value, Nonvested, Granted | $ / shares | 33.91 |
Weighted-Average Grant-Date Fair Value, Nonvested, Forfeited | $ / shares | 38.57 |
Weighted-Average Grant-Date Fair Value, Nonvested, Ending balance | $ / shares | $ 37.75 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Performance Stock Units, Valuation Assumptions (Details) - Performance Stock Units (PSUs) - $ / shares | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Grant date | May 1, 2019 | May 1, 2018 |
Performance period | 3 years | 5 years |
Stock price | $ 30.82 | $ 38.85 |
Triumph stock price volatility | 28.29% | 29.13% |
Risk-free rate | 2.25% | 2.76% |
Stock Based Compensation - Su_4
Stock Based Compensation - Summary of Changes in Company's Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, Beginning Balance | 231,467 |
Stock Options, Granted | 19,285 |
Stock Options, Exercised | (1,031) |
Stock Options, Forfeited or expired | (3,103) |
Stock Options, Ending Balance | 246,618 |
Stock Options, Fully vested shares and shares expected to vest at June 30, 2019 | 246,618 |
Stock Options, Shares exercisable at June 30, 2019 | 131,358 |
Weighted-Average Exercise Price, Beginning Balance | $ 23.43 |
Weighted-Average Exercise Price, Granted | 31 |
Weighted-Average Exercise Price, Exercised | 19.64 |
Weighted-Average Exercise Price, Forfeited or expired | 28.76 |
Weighted-Average Exercise Price, Ending Balance | 23.97 |
Weighted-Average Exercise Price, Fully vested shares and shares expected to vest at June 30, 2019 | 23.97 |
Weighted-Average Exercise Price, Shares exercisable at June 30, 2019 | $ 20.15 |
Weighted-Average Remaining Contractual Term, Outstanding at June 30, 2019 | 7 years 7 months 24 days |
Weighted-Average Remaining Contractual Term, Fully vested shares and shares expected to vest at June 30, 2019 | 7 years 7 months 24 days |
Weighted-Average Remaining Contractual Term, Shares exercisable at June 30, 2019 | 7 years 2 months 1 day |
Aggregate Intrinsic Value, Outstanding at June 30, 2019 | $ 1,782 |
Aggregate Intrinsic Value, Fully vested shares and shares expected to vest at June 30, 2019 | 1,782 |
Aggregate Intrinsic Value, Shares exercisable at June 30, 2019 | $ 1,291 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Information Related to Stock Options (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Aggregate intrinsic value of options exercised | $ 11 | $ 59 |
Tax benefit realized from option exercises | $ 2 | $ 12 |
Weighted average fair value per share of options granted | $ 10.03 | $ 13.22 |
Stock Based Compensation - Fair
Stock Based Compensation - Fair Value of Stock Options Granted Using Weighted-Average Assumptions (Details) - Stock Options | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 2.33% | 2.85% |
Expected term | 6 years 3 months | 6 years 3 months |
Expected stock price volatility | 27.46% | 28.07% |
Earnings Per Share - Factors Us
Earnings Per Share - Factors Used in Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic | ||||
Net income to common stockholders | $ 12,730 | $ 12,192 | $ 27,518 | $ 24,070 |
Weighted average common shares outstanding | 26,396,351 | 25,519,108 | 26,537,255 | 23,133,489 |
Basic earnings per common share | $ 0.48 | $ 0.48 | $ 1.04 | $ 1.04 |
Diluted | ||||
Net income to common stockholders | $ 12,730 | $ 12,192 | $ 27,518 | $ 24,070 |
Dilutive effect of preferred stock | 193 | 383 | ||
Net income to common stockholders - diluted | $ 12,730 | $ 12,385 | $ 27,518 | $ 24,453 |
Weighted average common shares outstanding | 26,396,351 | 25,519,108 | 26,537,255 | 23,133,489 |
Dilutive effects of: | ||||
Average shares and dilutive potential common shares | 26,486,423 | 26,315,878 | 26,638,426 | 23,950,143 |
Diluted earnings per common share | $ 0.48 | $ 0.47 | $ 1.03 | $ 1.02 |
Stock Options | ||||
Dilutive effects of: | ||||
Stock based compensation | 59,962 | 86,821 | 61,819 | 85,123 |
Restricted Stock Awards | ||||
Dilutive effects of: | ||||
Stock based compensation | 30,110 | 37,417 | 39,352 | 60,425 |
Restricted Stock Units | ||||
Dilutive effects of: | ||||
Stock based compensation | 2,288 | 862 | ||
Series A Preferred Stock | ||||
Dilutive effects of: | ||||
Assumed conversion of shares | 315,773 | 315,773 | ||
Series B Preferred Stock | ||||
Dilutive effects of: | ||||
Assumed conversion of shares | 354,471 | 354,471 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Shares not Considered in Computing Diluted Earnings per Common Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 70,037 | 51,952 | 70,037 | 51,952 |
Restricted Stock Units (RSUs) | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 58,400 | 58,400 | ||
Performance Stock Units (PSUs) | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive shares | 70,879 | 59,658 | 70,879 | 59,658 |
Business Segment Information -
Business Segment Information - Banking Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Total interest income | $ 77,303 | $ 61,249 | $ 150,567 | $ 115,367 | |
Total interest expense | 13,884 | 7,992 | 25,837 | 14,980 | |
Net interest income | 63,419 | 53,257 | 124,730 | 100,387 | |
Provision for loan losses | 3,681 | 4,906 | 4,695 | 7,454 | |
Net interest income after provision for loan losses | 59,738 | 48,351 | 120,035 | 92,933 | |
Gain on sale of subsidiary or division | 1,071 | ||||
Other noninterest income | 9,046 | ||||
Noninterest income | 7,623 | 4,945 | 15,161 | 10,117 | |
Noninterest expense | 50,704 | 37,403 | 99,270 | 71,445 | |
Net income before income tax expense | 16,657 | 15,893 | 35,926 | 31,605 | |
Total assets | 4,783,189 | 4,783,189 | $ 4,559,779 | ||
Gross loans | 3,835,903 | 3,835,903 | 3,608,644 | ||
Operating Segments | Banking | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 52,258 | 40,376 | 101,379 | 79,280 | |
Intersegment interest allocations | 2,512 | 4,155 | 5,150 | 7,088 | |
Total interest expense | 12,301 | 6,440 | 22,655 | 11,994 | |
Net interest income | 42,469 | 38,091 | 83,874 | 74,374 | |
Provision for loan losses | 2,874 | 1,592 | 3,828 | 3,736 | |
Net interest income after provision for loan losses | 39,595 | 36,499 | 80,046 | 70,638 | |
Gain on sale of subsidiary or division | 1,071 | ||||
Other noninterest income | 7,620 | ||||
Noninterest income | 6,453 | 4,033 | 12,751 | ||
Noninterest expense | 36,651 | 26,401 | 71,038 | 52,939 | |
Net income before income tax expense | 9,397 | 14,131 | 21,759 | 26,390 | |
Total assets | 4,702,249 | 4,702,249 | 4,458,399 | ||
Gross loans | 3,742,999 | 3,742,999 | 3,523,850 | ||
Operating Segments | Factoring | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 24,762 | 20,314 | 48,566 | 35,094 | |
Intersegment interest allocations | (2,512) | (4,155) | (5,150) | (7,088) | |
Net interest income | 22,250 | 16,159 | 43,416 | 28,006 | |
Provision for loan losses | 807 | 3,313 | 944 | 3,706 | |
Net interest income after provision for loan losses | 21,443 | 12,846 | 42,472 | 24,300 | |
Other noninterest income | 1,510 | ||||
Noninterest income | 1,205 | 920 | 2,281 | ||
Noninterest expense | 13,253 | 10,311 | 26,546 | 17,165 | |
Net income before income tax expense | 9,395 | 3,455 | 18,207 | 8,645 | |
Total assets | 636,901 | 636,901 | 688,245 | ||
Gross loans | 544,601 | 544,601 | 588,750 | ||
Operating Segments | Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 283 | 559 | 622 | 993 | |
Total interest expense | 1,583 | 1,552 | 3,182 | 2,986 | |
Net interest income | (1,300) | (993) | (2,560) | (1,993) | |
Provision for loan losses | 1 | (77) | 12 | ||
Net interest income after provision for loan losses | (1,300) | (994) | (2,483) | (2,005) | |
Other noninterest income | (84) | ||||
Noninterest income | (35) | (8) | 129 | ||
Noninterest expense | 800 | 691 | 1,686 | 1,341 | |
Net income before income tax expense | (2,135) | $ (1,693) | (4,040) | $ (3,430) | |
Total assets | 739,219 | 739,219 | 737,530 | ||
Gross loans | 1,553 | 1,553 | 10,795 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | (1,295,180) | (1,295,180) | (1,324,395) | ||
Gross loans | $ (453,250) | $ (453,250) | $ (514,751) |